The Empirical Study Of Tax Preference,R&D Investment And Firm Performance

With the development of science and technology,governments have also begun to pay more attention to the policy of science and technology,and to gradually develop a series of policies to encourage government,universities and enterprises to carry out research and development and innovation activities.And the results of enterprise R & D activities can be the fastest into the practice of production to promote the scientific and technological progress.Therefore,it's a very worth research that how to encourage enterprises to carry out research and innovation activities through national policies,especially the most effective tax preferential policies,and then promote the enterprise to obtain profits,continue to grow.This article combs the relevant literature and policy and compares the present status at home and abroad.Using the way that combine theoretical research and empirical research.Established a "tax incentives-R&D investment-business performance(profitability and growth)" research model.Taking the listed company of data on GEM from 2013 to 2015 as our research target,studying the impact of tax incentives on the profitability and growth of corporate performance in the context of R&D investment as an intermediary variable.The conclusions are as follows:(1)Tax incentives can significantly enhance the profitability of listed companies on the GEM,but the incentive effect of the growth of the sample enterprises is not significant.(2)Tax incentives for the listed companies on GEM have a significant positive impact on R&D investment;(3)There is a significant positive correlation between asset size and asset-liability ratio of enterprises and the profitability and growth of the listed companies on GEM.(4)R&D investment play a mediating role between tax incentives and corporate performance.On the basis of the research results,this paper puts forward the following policy recommendations:(1)In the formulation of tax preferential policies,we should consider the difference between the size of the industry and the tax incentives for legislation,and timely and appropriate flexible adjustment;(2)Through a variety of tax incentives cross-use,flexible use of the way to promote business R&D investment activities;(3)In the implementation of tax incentives,do not cause excessive differences in the actual tax rate,to take into account the two aspects of efficiency and fairness.