Tax Incentives,R&D Investment And Corporate Value

18th conference of the communist party of China emphasizes the innovation driven development strategy,clearly put forward the "science and technology innovation is to improve the strategic support of social productive forces and overall national strength,must be placed in the core of the national development and global position".Enterprise is an important subject of innovation,we must strengthen the independent innovation ability of the enterprise,enterprise Research and Development cost is one of the important indicators to measure strength of enterprise innovation.But due to the limited economic resources,"market failure",as well as the innovation of science and technology "external characteristics",dampened the enthusiasm of enterprise development.This needs the government,the "visible hand",to motivate and compensation to enterprise's R&D activity.The Tax incentives which have been adopted by many countries are universal.Tax incentives policy mainly refers to the income tax incentives.Could they effectively expand R&D tax incentives?Could R&D affect the enterprise value?Whether the government's tax breaks the bigger the better?For enterprise,R&D is a conduction variable,the ultimate goal is to bring the ascension of the enterprise value,How does the tax incentives influence the enterprise value?This article summarize the literature,theoretical analysis and empirical test results,aims to study the relations among tax incentives,R&D investment and enterprise value.First summarizes the domestic and foreign scholar point of view,a brief understanding of the relations among three factors.Secondly,this paper introduces the theories of economic growth,technical innovation and technical capital theory,signaling theory and financial constraint theory and other basic theory,provide theoretical basis for the later explanation.Thirdly,analysis the system background of the tax incentives policy at the present stage in China,introduces the tax incentives rate,tax breaks,several main tax incentives,and lists the tax incentives policy.This paper defines tax incentive policy,R&D investment and enterprise value.Economics principle are used to explain the role of tax incentives for R&D mechanism,and from the R&D cost capitalization,and technology capitalization,as well as the positive message to the market and so on and the effect of R&D input mechanism of enterprise value.Fourth,select the gem listed companies as research samples,manually collected 2010 to 2015,six years of R&D data and relevant financial indicators,on the basis of literature summary and theoretical analysis of descriptive statistics and regression analysis,inspects the tax breaks to the R&D incentive effect,the influence of R&D investment on the enterprise value under different tax incentive levels and R&D's impact on the enterprise value.Finally come to the conclusion,and puts forward countermeasures and Suggestions,hoping to provide reference for future research.In this paper,the study found that the tax incentives can significantly improve enterprise R&D investment,R&D can improve enterprise value,through further research shows that the higher level of the tax incentives,the enterprise may apply funds to low economic benefit of research projects,R&D investment and enterprise value of the positive correlation decreases,enterprise financial value and market value is also reduced.According to the above research conclusion,combined with the actual situation in our country,from the government and enterprise two angles proposed countermeasures and Suggestions.The government should perfect the tax incentives mode,expanding the scope of the tax preferential,at the same time standardize enterprise application process and form of tax incentives policies,strict audit to the enterprise research and development projects,to improve the efficiency of the government support the use of funds.Enterprises should timely adjust their behavior patterns and the development direction,and government policies complement each other,improve the effect of tax incentives policies...