Research On The Impact Of R&D Expense Super-deduction From China's GEM Listed Companies

R&D expense super-deduction policy has developed more than 20 years in China,it has played a positive guidance and encouragement role in accelerating and promoting the national innovation-driven strategy,and truly establishing the enterprise's dominant position of innovation.From the perspective of reality,super-deductionpolicy has brought multiple effects on the enterprise,there is no doubt that the most concern is the impact of super-deduction on R&D investment and operating performance.In terms of multi-level capital market in our country,there are many technological innovation-based enterprises on GEM which carry out frequent R&D activities and have a large level of fluctuation in operating performance.Then,Whether the listed companies on GEM can make full use of R&D expense super-deduction and have a significant impact?This paper selects 348 GEM listed companies which include consecutive years of 2012-2016 data as the sample,and discuss the impact of R&D expense super-deduction from GEM listed companies from the aspects of R&D investment and operating performance by SPSS19.0 and Stata13.0.Firstly,this paper combs the current situation of R&D investment and super-deduction of the listed companies on GEM,meantime,it uses factor analysis method to construct the evaluation model of operating performance to research in depth the impact of super-deduction on R&D intensity,R&D staff and operating performance;According to the characteristics of regional development,this paper analyzes the regional heterogeneity of the whole sample to explore whether there are dissimilarities between listed companies in different regions.The regression results show:(1)At present,R&D expense super-deduction of listed companies on GEM is relatively low,and there is a certain difference between regions,the firm's reaction to this policy is not positive.(2)The level of R&D intensity,R&D staff of listed companies on GEM is improving,the level of R&D intensity has more than 5%,which indicates that the GEM plays an important role in the process of national science and technology innovation;and there is a wide gapbetween R&D investment among enterprises and regions.(3)The impact of R&D expense super-deduction on R&D intensity,R&D staff and operating performance of listed companies on GEM are significantly positive at the level of 1%,which means that the enterprise enjoy a greater degree of super-deduction can stimulate them to increase R&D expenditures and introduce R&D staff to consolidate the research team,it also help the enterprise to make full use of tax relief funds to carry out operation and investment activities in order to improve operating performance.(4)The impact of super-deduction on R&D investment and operating performance from GEM has the characteristics of regional difference,the impact of super-deduction is significant in the eastern region,the impact of the western region is weaker than the eastern region,and the central region is the lowest.Based on the above,this paper puts forward specific countermeasures to further improve R&D expense super-deduction,increase R&D investment and promote operating performance.