Tax Incentives,R&D Investment And Business Performance

As we all know,the semiconductor industry is the leading industry in the field of high and new technology,especially in the information industry.In recent years,China's semiconductor industry has developed to a considerable extent under a series of policy incentives.However,despite various government incentives,the average R&D input intensity of China's a-share listed companies in the semiconductor industry in 2017(8.15%)is still significantly lower than the average(13%)of the top ten international semiconductor giants.There is no doubt that many the reasons(for example,China as the biggest developing country,per capita resources,comprehensive national strength is relatively weak,etc.),but whether the tax policy to the semiconductor industry enterprise effective motivation,research and development,and whether the enterprise research and development effectively promote semiconductor business performance improvement,is the focus of this article.From the existing research,first,the high-tech industry to carry out the relevant research more,less research on the semiconductor industry;Second,there are many studies on the impact of tax on enterprise research and development and the impact of enterprise research and development on enterprise performance,while there are few studies on the impact of tax on enterprise research and development and the impact of enterprise research and development on enterprise performance.In view of this,this paper attempts to use the panel data of listed companies in China's a-share semiconductor industry from 2010 to 2017 to study the impact of tax on enterprise research and development investment and the impact of enterprise research and development investment on enterprise performance.Empirical research shows that: 1)increasing innovation input of semiconductor industry enterprises can significantly improve their main business profit margin and enhance their core competitiveness.2)tax incentives to some extent improve the R&D investment and business performance of enterprises,but the effect is not significant.One reason may be that some companies do not convert tax breaks into R&D spending;Second,due to the heterogeneity of enterprises,the same tax policy incentive may have different effects in different enterprises.In other wo R&Ds,only when the R&D intensity of the enterprise reaches a certain level and is sustainable,can the enterprise performance be significantly improved.3)the lag analysis of enterprise research and development shows that the idea of enterprise research and development and the choice of strategy or strategy itself may not be scientific,which may be related to the serious shortage of relevant high-tech talents in China,as well as professional managers with strategic vision and other high-end talents.