Research On The Impact Of R&D Cost Increment And Deduction Policy On Enterprise Innovation Performance

In recent years,China’s economy has entered a new stage,and the economic growth has entered a new normal state.The slogan of "mass entrepreneurship,innovation" has been constantly raised and gradually attracted the attention of enterprises.Our government has gradually realized the importance of innovation to national competitiveness,and put forward the strategy of building an innovative country to promote economic growth and achieve high-quality development through technological innovation.The policy of R&D expense plus deduction is widely applied and has strong preferential power.It is highly concerned by the government,scholars,enterprises and other parties.It is believed that the policy has great significance in promoting economic restructuring.As an important subject of entrepreneurship and innovation,technology based SMEs play an important role in transforming technological achievements,solving employment,optimizing resource allocation and promoting economic restructuring.As the most vigorous subject of scientific and technological innovation,the development of small and medium-sized technological enterprises mainly depends on innovation drive.The companies listed on GEM mainly focus on science and technology enterprises,and pay more attention to the innovation activities of enterprises.Therefore,this paper takes 737 GEM listed companies as the research object,and through collecting data from 2015 to 2017,studies the relationship among R&D cost plus deduction policy,innovation investment and innovation performance.This paper defines the concepts of innovation investment and innovation performance,summarizes the development process of R&D plus deduction policy,constructs a mediating variable model,and verifies the impact of R&D plus Deduction Policy on enterprise innovation investment and innovation performance.The following conclusions are drawn: Firstly,the R&D expense plus deduction policy can promote the innovation performance of enterprises.The larger the proportion of R&D expense plus deduction,the more obvious the innovation performance is;R&D tax incentive effect is more significant.Secondly,the policy of R&D expense plus deduction can increase enterprises’ innovation investment.The larger the proportion of R&D expense plus deduction,the more enterprises’ innovation investment increases,which has significant R&D tax incentive effect.Third,innovation investment plays an intermediary role in the relationship between the two.The R&D expense plus deduction policy can improve the innovation performance of enterprises by increasing their innovation investment.The intermediary effect of innovation investment is different in different property rights and different industries.This study enriches the relevant theories and literature of macro-policy affecting micro-enterprise behavior.In practice,it is conducive to encouraging enterprises to actively use R&D cost plus tax deduction policy,and to the development of enterprises.This paper provides empirical support for the effect of macro-tax policy on enterprise innovation activities,and enlightens the future direction of policy makers.