An Empirical Study Of The Tax Incentive Effect On Enterprise R&D Investment

Today's international community,with the continuous innovation of technological revolution and the development of international competitiveness,technological innovation has become a major part in the transformation and upgrading of the global economy.During the "Thirteenth Five-Year Plan" period,the intensity of R&D expenditures in China has shown an increasing trend,and the total scale of research and development expenditures is second only to the United States,ranking second in the world.In 2017,the country invested a total of 1760.61 billion yuan in research and experimental development,an increase of 192.94 billion yuan or 12.3% over the previous year.Then,whether the government's tax incentives can promote the innovation investment activities of enterprises,and whether they can still have good policy effects in the face of environmental uncertainty,we need to do further theoretical analysis and empirical investigation.This paper selects A stock market company as a research sample,and uses technology innovation theory,market failure theory,signal asymmetry theory and government intervention theory as the support to deeply explore the correlation between tax incentives and corporate R&D investment under environmental uncertainty.First of all,domestic and foreign scholars have compiled and commented on the research literature on internal and external factors,innovation and environmental uncertainty,innovation and tax incentives that affect innovation.Secondly,based on tax incentives and environmental uncertainty factors,enterprise innovation The influence of behavior was analyzed by mechanism;again,according to the relevant theory,the research hypothesis was put forward,and the data source,sample interval selection,variable definition,etc.were explained,and the basic regression model of this paper was established to make the sample data.Descriptive statistics,correlation analysis,and multiple linear regression were performed on the basis of heterogeneity testing and robustness testing.Finally,this paper puts forward some policy recommendations for the government and enterprise levels,points out the inadequacies of this paper and the issues to be further explored in the future.The main conclusions of this paper: a)Tax preferential policies have a significant positive effect on corporate R&D investment;b)when enterprises are in a highly uncertain environment,they usually choose to reduce R&D investment;c)for enterprises in environmental uncertainty,Tax incentives can still significantly promote the R&D investment,but the effect of the policy is different according to the environmental uncertainty.In a relatively stable environment,the tax incentives can play a higher policy effect;In the high degree of environmental uncertainty,the incentive effect of preferential tax policies on corporate R&D investment is correspondingly reduced.The innovations of this paper are as follows: First,this paper puts tax incentives,innovation investment and environmental uncertainty intoone logical framework,and explores the impact of tax incentives on R&D investment in enterprises under environmental uncertainty which can enrich relevant theoretical and empirical experience.Secondly,in terms of tax incentives,this paper does not use the traditional method of using the actual tax rate as a substitute variable,but design a surrogate variable to directly measure the degree of tax incentives of enterprises,which is(Statutory tax rate-Nominal tax rate)+(the deductions of R&D expenses ×Statutory tax rate)/profit before tax.This variable design has passed the test of robustness and is feasible.