Research On The Impact Of Tax Incentives And R&D Intensity On Business

The equipment manufacturing industry is a strategic industry which is related to the development of the national economy.The promotion of the healthy development of the industry is crucial to the promotion of international competitiveness and the development of the national economy.At present,China's equipment manufacturing industry has made a breakthrough development.But on the whole,China's equipment manufacturing industry is still big and not strong.The main reason lies in the existence of problems,such as the lack of consciousness and ability of independent innovation,which leads to low R & D intensity and overcapacity in middle and low end.An important reason for the low level of R&D is the existence of market failure.It is impossible to achieve the Pareto optimal level on the way of independent allocation of resources by enterprises.Therefore,fiscal policies such as tax incentives are needed to make up for the loss of R&D enterprises.It is generally believed that enterprises actively carry out R&D activities to improve their core competitiveness and ensure the improvement of business performance in the future period.In this study,based on combing the related literature at home and abroad,with the market failure theory,principal-agent theory,resource based theory,endogenous growth theory,from 2013 to 2016 the equipment manufacturing industry in the Shanghai and Shenzhen of listed company's annual report data.The impact of tax incentives and R&D intensity on business performance is analyzed.And on this basis,the relationship between R&D intensity and business performance under the influence of tax incentives is analyzed.The study found that preferential tax policies can effectively improve the current performance of equipment manufacturing listed companies,but the enhancement of R&D intensity will inhibit the improvement of current business performance,and there is no lag.In the case of the consideration of the impact of tax incentives,the role of R&D intensity to reduce the operating performance of the current period will be intensified.In addition,the size of the listed companies of the equipment manufacturing industry has little difference in the impact of the business performance,which shows that it has not shown the advantage of the large enterprise for the time being.The research conclusions can be used for reference to standardize the independent research and development activities of enterprises and to formulate more targeted incentives for the government to encourage innovation.