An Empirical Study On R & D Expenditure And Deduction Of High - Tech Listed Enterprises

Hi-tech innovation capacity is one of most significant symbol of the enterprise competitiveness. And is also the main power to motivate the development of society and economy. However, the process of innovation relies on the enterprise R&D activity. the quantity of the research input to a large degree represent the vigor of the enterprise R&D activity. In our country, the government definitely write "increase R&D input and build an innovation-originated nation" into "The Thirteenth Five-Year Project". The government hope the policy can guides and correct the market failure of R&D, promotes the enterprise to process R&D activity, and enhances the national competitiveness.As we know, The most importance two policy to guide the enterprise R&D activity is "research subsidy policy" and "preferential tax policy". The government gradually decreases the scale of research subsidy to "preferential tax policy" which is more efficient. The "R&D expenditure plus deduction policy" is a preferential tax policy which aim to promote the enterprise R&D expenditure. This policy to some extent liberates the enterprise cash flow, makes them use more funding to increase the R&D, and finally improves our national hi-tech innovation strength.This article adopts the combined method of theoretical analysis and empirical research to analyze the impact of "R&D expenditure plus deduction policy" to hi-tech public company, and to analyze the different incidence to the different type and the different heterogeneity enterprise. This article chooses 368 hi-tech public company and their year-based data from 2005 to 2014 as the research sample. Using difference-in-difference model to investigate the impact of "R&D expenditure plus deduction policy" to hi-tech public company, and how the company’s type and heterogeneity influences the policy’s reaction. The consequence indicates that:(1) "R&D expenditure plus deduction policy" has an effective function on enterprise R&D expenditure, and to some extent motivate the initiative to increase R&D devotion. And also enhances the motivation of hi-tech expenditure. The follow-up policy continues to bring this effect, but the result gradually smooth and steady.(2) The different type of industry make a different result. New energy industry and environmental protection industry make the best, but biological medical treatment industry and space flight and aviation industry reflect worse and thick.(3) In terms of enterprise property, the implement of "R&D expenditure plus deduction policy" do have great help on private enterprise, but back to state-owned enterprise, the result seems disappointing.This article offers some reference value and guidance direction on how to assist the government to perfect "R&D expenditure plus deduction policy" and to remit the financing difficulty problem. Finally it has fixed reality significance to perfect R&D resource allocation.