Tax Incentive,Enterprise R&D Activities And Innovation Efficiency

Due to the positive externalities of technology and knowledge,R&D innovation activities are characterized by high risks and uncertain returns.R&D activities will inevitably encounter problems of market failure and insufficient investment,which require the support of government policies.At present,China has issued a number of preferential tax policies for enterprise income tax to encourage technological innovation of enterprises,if it plays a role in promoting the efficiency of R&D?This paper studies the impact of income tax incentives on innovation efficiency of enterprises based on the data of Chinese listed companies in CSMAR and IFIND databases from 2015 to 2017.It also examines the influencing factors on the effect of tax incentive policies from R&D manipulation and tax collection and management.In this paper,the stochastic frontier analysis method is used to study innovation efficiency as a dependent variable.On the one hand,considering that the static indicators of input and output can not reflect the improvement of innovation technology in China,on the other hand,because of the existence of pseudo-R&D behavior,the growth of total R&D expenditure is not a substantial R&D investment.Only by combining input and output variables can we truly get the level of R&D innovation of Chinese enterprises.This paper draws the following conclusions through empirical research:tax incentive effectively promotes the improvement of innovation efficiency for non-manipulative enterprises,but harmful to the enterprises with manipulative behaviors.And the effect of tax incentive on enterprise innovation is affected by the strength of local tax collection and management and the nature of enterprise equity.Regions with strong tax collection and management and private enterprises can better play the role of tax incentive.