Research On The Relationship Among Tax Incentives,R&D And The Enterprise Performance Of National High-tech Enterprise

As an important force in the innovation system,the innovation activities and innovation outputs of High and New Tech Enterprises have been paid more and more attention.It is critical for High and New Tech Enterprises to provide high value-added and high-tech innovative products to run well.To produce innovative products requires High and New Tech Enterprises to carry out R&D innovation activities.In order to promote the development of small and medium-sized High and New Tech Enterprises,the following two aspects are studied in this paper:From the government level,two points are analyzed to help the government to optimize the tax system:one is the effect of Tax incentives on R&D and Enterprise Performance and the other is whether R&D plays the intermediary role between the other two factors.From the enterprise level,the impact of R&D on Enterprise Performance will be explored to help enterprises to make timely and accurate investment decisions.On base of summarizing the researches on the relationships among Tax incentives,R&D and Enterprise Performance,the assumptions of this paper are founded combining the relevant basic theories.The High and New Tech Enterprises listed on the SME board from 2011-2015 are chosen as the research samples.According to the China SFC Industry Classification(2012 Edition),the sample High and New Tech Enterprises are selected from software and information technology services industry,internet and related services industry,pharmaceutical manufacturing industry,special equipment manufacturing industry,computer,communications and other electronic equipment manufacturing industry.The data of these 84 High-tech Enterprises of the 5 industries is analyzed as the sample data.Through the analysis and empirical test,the following conclusions are drawn as the followings:(1)Tax incentives is positively related to the High and New Tech Enterprises Performance,and the positive correlation level is significant.It is obvious that China's Tax incentives can significantly improve the performance of small and medium-sized High and New Tech Enterprises,while R&D does not play a significant intermediary role on the relationship of Tax incentives and Enterprises Performance;(2)Tax incentives is positively related to R&D,but the positive correlation level is not significant.Tax incentives for small and medium-sized High and New Tech enterprises to promote the development of innovative activities is not very obvious;(3)Current R&D is negatively correlated with the High and New Tech Enterprises Performance,R&D of a lag period is significantly positively correlated with the High and New Tech Enterprises Performance.It shows that the incentive effect of R&D on High and New Tech Enterprise Performance is delayed,in the current period,due to the uncertainty of R&D results and long payback period,current R&D funds may not be free in the current period,some or all of the current R&D funds will be recovered in the next period.