The Input And Output Of Enterprises Innovation Under The Pre-Tax Additional Deduction Policy Of R&D Expenses

In order to guide and encourage enterprises to innovate and increase investment in research and development,governments of all countries have introduced and improved a series of preferential tax policies.In China,the most preferential R&D tax policy-pre-tax additional deduction(PAD)policy of R&D Expenses has been issued for a short time.The existing researches on the effect of this policy mainly focus on R&D investment and pay less attention to the innovation performance of enterprises.At the same time,in existing studies exploring the effect of PAD policy on enterprises innovation performance,"one-step method" is usually adopted,that is,without considering the media(R&D input)between the PAD policy and innovation output,the influence of R&D tax incentives on innovation output is directly estimated.Based on this,we take the data of 1,248 manufacturing companies in Shanghai and Shenzhen A shares from 2014 to 2016 as the sample,explore the incentive of PAD policy for R&D input,and based on this,study the incentive of PAD policy for innovative output of enterprises.The empirical analysis of this paper is mainly divided into two parts:In the first part,when discussing the influence of the PAD policy on the R&D input of enterprises,it is found that the policy has increased the R&D input intensity of enterprises.In the second part,to explore the influence of the policy for enterprises innovation performance,we use the additional R&D input which is brought by the policy(the data is generated by PSM in the first part)as explanatory variables,and use the amounts of patents that enterprises apply as dependent variables.Furthermore,considering the innovation ability of different industries can be different,we divide enterprises into high technology group and low technology group.Through the fixed effect panel negative binomial regression,we find that innovation output incentive of PAD policy in low technology industry group is significant,and mainly focused on the patents for utility,but in high technology industry group,the incentive is insufficient.Based on this,we make some suggestions such as setting requirements for innovative output of enterprises and increasing the R&D incentive in high technology industry.