Empirical Study On The Impact Of New Deal Deduction On SMEs' R&D Investment

SMEs are an important force in national economic and social development and an important subject in implementing innovation-driven development strategies.Caishui [2017] No.34 and Finance and Taxation [2018] No.99 have been issued,and the company's research and development expenses are deducted from 50% before tax,and the research and development expenses of small and medium-sized enterprises are added at 75% before tax.It is of great significance to promote the further improvement of the innovation capability of SMEs.Thesis selects the empirical study of the State Council's 2015 deduction of the impact of the New Deal on SMEs' R&D investment.The main research contents of this paper are as follows:1.Status of R&D investment in SMEs.From 2013 to 2017,the total R&D expenditure of SMEs continued to grow.The investment intensity of R&D investment in SMEs also continued to rise.However,large and medium-sized enterprises still dominate R&D investment;on the other hand,compared with developed countries,China's SMEs have lower R&D expenditures and input intensity.2.The empirical test adds to the impact of the New Deal on the R&D investment of SMEs.In this paper,through the methods of multiple regression analysis and double difference method,604 listed companies in the SME Board of Shenzhen City from 2013 to 2017 were selected as research samples,and the R&D expenditure deduction policy issued by the State Council in 2015 was tested for R&D investment of SMEs.influences.Through empirical research,it is found that the promulgation of the R&D expenses plus deduction policy does not have a significant incentive effect on R&D investment of enterprises;the deduction policy of R&D expenses of enterprises has a significant inhibitory effect on high-tech enterprises,but not significant for non-high-tech enterprises.Impact;The deduction policy has different impacts on industries with different technology densities,and industries with high technology density are more affected by the deduction policy.By consulting the relevant literature,this paper believes that the reason why the second hypothesis is overthrown is that there is a time lag in the implementation of the policy.Moreover,China has not yet formed a tax policy system specifically for small and medium-sized high-tech enterprises,especially in terms of reducing the financial pressure on SMEs.3.Try to propose reforms and improvements.SMEs are less likely to suffer from "big business illnesses".This paper attempts to continue to expand the scope of preferential treatment,innovative return methods,strengthen tax management,and pay attention to the shortcomings of the deduction of the policy itself,the shortcomings in the implementation of the policy,and the combination of the deduction policy and other tax incentives.A number of recommendations,such as the coordination of preferential policies and preferential tax incentives.As long as SMEs pay attention to their own advantages,attach importance to and strengthen independent innovation,they can often have their own core competitiveness.The characteristics and innovations of this article are:1.Reveal the impact mechanism of the additional deduction policy on corporate R&D.As a kind of taxation policy for the government to regulate economic development,the extra-deduction policy can reduce the incentives of SME funds,reduce the risk of business operations,and reduce the R&D and innovation costs of enterprises to influence the motivation and constraint mechanism of enterprise investment.2.The article uses the DID double difference method and is tested by industry.The 239 companies that were screened were segmented by industry,and further empirically tested the impact of the additional deduction policy on industries with different technology densities,which would facilitate more targeted countermeasures in the following sections.3.The article empirically selects the micro-enterprise data of the listed company.Through systematic review of relevant literature at home and abroad,this paper finds that most R&D studies are concerned with macro taxation policies,lack of research on specific policies for deductions,and no special research on SMEs.Based on the micro-subject of SMEs,this paper can provide a theoretical basis for the government to formulate an additional deduction policy for promoting SMEs' R&D investment.