Preferential Policy Of Finance And Taxation、Equity Balance Degree And R&D Investment Of Enterprises

After entering the new normal,the development of real economy is difficult,and the rate of return on investment of manufacturing enterprises is declining day by day."large but not strong"restricts the sustainable development of our economy.To get rid of this dilemma,we must realize the basic position and key role of the real economy in the economic development of our country,and set up the idea of revitalizing the real economy.The key breakthrough point of revitalizing the real economy is to make up for the deficiency of technological innovation of enterprises,improve the ability of enterprises’innovation,and promote the breakthroughs in key fields and core technologies..As a means of macro-control,the government’s fiscal subsidy and tax preferential policies can stimulate enterprises to increase the funds and personnel input of R&D activities,speed up the brand building of enterprises,and thus improve the level of organization and management of enterprises and optimize the production process.Therefore,it has very important research value on how to play the role of financial subsidies and preferential tax policies on enterprise R&D investment level.Firstly,on the basis of reviewing the research results of domestic and foreign scholars,this paper analyzes the relationship between fiscal and tax preferential policies,equity checks and balances and the level of R&D investment from the theoretical level.Then the empirical analysis software is used to test the panel data of the listed companies in the gem from 2010 to 2017.The purpose of this paper is to analyze the effect of government financial subsidy and tax preference on the R&D investment level of enterprises and the effect of different corporate equity structure on the relationship between them.The empirical results show that:(1)With the support of financial funds,the level of investment in R&D and the willingness to participate in innovation activities have been significantly increased.(2)The greater the tax incentives companies enjoy,the more they spend on R&D activities.(3)Under the different ownership structure of the company,there is a significant positive correlation between the degree of tax incentives and the level of R&D investment.The incentive effect of fiscal and tax preferential policy on enterprise R&D investment level is different.The higher the equity balance,the more obvious the promotion effect of fiscal and tax preferential policies on R&D investment level.At present,most scholars take Shanghai and Shenzhen main Board listed companies as the research object,and less research on gem listed companies.But there are more high-tech enterprises in the gem market,they have higher R&D investment level and are the main body of R&D innovation activities.Therefore,based on the sample data of gem listed companies,this paper examines the impact of different government funding methods on the level of R&D investment under different ownership structures.It deepens the research on the mechanism of government macro-policy on the level of R&D investment of microeconomic subjects.