Research On The Correlation Between Tax Preference,R&D Expenditure And Financial Risk

Under the background of the rapid development of Internet technology,all countries in the world are exploring new engines of economic growth.Summarizing the research results of many scholars and the experience of economic growth in various countries,it can be seen that in order to ensure the sustainable growth of the national economy,innovation drive is instigated.This continuous core leverage.Technology-intensive enterprises with innovation as their main vitality undoubtedly shoulder the arduous task of national economic growth.At the same time,in order to have the most advanced and competitive core technology,technology-intensive enterprises must invest heavily in R&D.R&D expenditures will occupy a large amount of cash flow of enterprises,and the R&D investment has low technology conversion rate,and the conversion results have time lag.Even if the intangible assets are not formed,they cannot be capitalized and are directly included in the current expenses.This makes the technology intensive.The financial risk of enterprises is far greater than that of other types of enterprises.Therefore,it is necessary to study the relationship between R&D investment of technology-intensive enterprises and corporate financial risks.In addition,the state has implemented a series of support subsidy policies for technology-intensive enterprises,including tax incentives as the main form of subsidies.It is worthwhile to further explore the tax incentives for technology-intensive enterprises due to excessive R&D investment.Whether the financial risk triggered has a regulatory effect.In view of this,based on the domestic and foreign literatures,this paper puts forward the hypothesis of this paper,and selects the empirical data of technology-intensive listed companies as the research sample.The Z-score model constructed by Edward Altman(1968)To measure the financial risks of enterprises,and to analyze the impact of R&D expenditures on the financial risks of enterprises,considering the level of tax incentives,the results show that: R&D investment and corporate financial risks change in the same direction,that is,the increase in investment in R&D activities will make corporate finance The risk increases;the tax incentives change with the financial risk of the enterprise in the opposite direction;and the introduction of the tax incentive level as a regulatory variable to find the tax incentive level can positively adjust the relationship between R&D investment and corporate financial risk,and the tax incentive level is more High,the greater the positive adjustment effect;in addition,considering the different nature of property rights of the enterprise,the study found that the adjustment effect of the tax incentive level on the relationship between R&D investment and financial risk is significant in state-owned enterprises,not in non-state-owned enterprises.Significant.Therefore,this paper suggests that the government should further improve the tax preferential policy system,including enriching the existing tax incentives,expanding the scope of policy enjoyment,strengthening tax incentives for non-state-owned enterprises,and supervising the implementation of relevant tax incentives;On the other hand,the existing R&D investment structure should be optimized,mainly including balancing R&D investment in various regions,broadening existing R&D investment sources and improving the internal structure of R&D expenditures;at the same time,corporate management should carefully decide on appropriate R&D and increase taxation.The effectiveness of preferential policies on the implementation of specific projects in the enterprise,in order to better play the role of the adjustment of tax incentives.