The Empirical Analysis Of Tax Preference,Financing Constraints,and Corporate R&D Investment

Since the 18th National Congress of the People's Republic of China,our country has concentrated its efforts on the development of science and technology,encouraging innovative behaviors,research and development(hereinafter referred to as R&D)has become a hot topic for everyone because it is the foundation and fundamental driving force for technological innovation.According to statistics,The behavior that companies as executing agencies for research and development occupies more than 70%of China's R&D activities.Enterprise R&D has become the main driving force for China's science and technology development.Due to the information asymmetry,characteristics of public goods,high uncertainty,and large adjustment costs,the R&D intensity of Chinese companies is far less than the social equilibrium level.Therefore,the macro-control of national policies is particularly important.The preferential policies for R&D income tax of enterprises are our country's current One of the main macroeconomic policies to encourage innovative investment,at the same time,the supply of capital is a basic problem that needs to be solved in corporate investment activities.R&D is different from general investment activities and requres long-term and adequate financial support Therefore,R&D behavior is more sensitive to financing difficulties.Then,what impact does tax policy have on corporate R&D investment in different levels of financing constraints?How is the overall effect between the two?Is there a difference between different types of companies?In order to analyze this problem,we introduce the preferential income tax policy,financing constraints,and cross-term variables into this system,and empirically analyze how the macro-policy affects corporate internal funds and then acts on the company's micro-research and development activities.This article.cited domestic and foreign research as atheoretical support,based on China's existing research and development tax incentives(based on corporate income tax preferences),R&D financ:ing status,and overall R&D trends,and then use 2008-2016 The CSI A-share main board companies are sampled,and the multi-variable index method is used to indirectly measure each company's financing restraint index,and a fixed effect model is used to empirically analyze the issues related to R&D tax incentives,financing constraints,and corporate R&D.The conclusion of the regression confirms R&D tax revenues.Concessions have a strong incentive effect on corporate R&D.Financing constraints inhibit corporate R&D,and the inhibitory effect exceeds the incentive effect of tax incentives.At the same time,R&D has led to an increase in the core competitiveness of firms,resulting in a certain degree of operating income and tax burden.There is a positive correlation,but under the conditions of the existence of financing constraints,the problem of the loss of funds caused by taxation will emerge.Subsequently,in order to further clarify the response of different types of companies to tax preferences and financing constraints,this paper classifies the selected sample companies according to regional economy,company attributes,establishment time,and industry,and conducts empirical regressions respectively.It is found that companies in the eastern region are more sensitive to the incentive effect of income tax incentives than non-eastern enterprises,and the same is true for financing constraints;non-state-owned enterprises have more significant responses to income tax incentives,positive income tax burdens,and the existence of cross-cutting items in.financing constraints;Large,but lack of funds,more sensitive to tax policies and financing constraints;manufacturing companies due to the characteristics of the industry's response to various factors are stronger than non-manufacturing companies,and finally,according to the status quo of related issues in China,proposed that the country should expand tax incentives Scope,increase financial support for science and technology,"differentiate" incentives for Western companies,implementation of "special preferential" measures for SMEs,etc.,in order to maximize the enthusiasm of corporate R&D,and lead our countrys overall economy to break into a butterfly again.