Research On The Impact Of Tax Preference And R&D Investment On Enterprise Competitiveness

In the era of knowledge economy,technological innovation is an important means to enhance the competitiveness of enterprises.However,due to the positive externalities and high risks of R&D activites,the enthusiasm of enterprises for R&D will be affected.In order to encourage enterprises to invest more in research and development,the government has formulated a series of preferential tax policies.So,can tex incentives encourage companies to increase investment in research and development,and can they improve their competitiveness?These issues need to be further analyzed theoretically and empircally.In view of this,this aarticle reviews relevant literature,combs and theoretically analyzes the relationship between tax incentives,R&D investment,and corporate compctitiveness in combination with market failure theory,signal transmission theory and technologicalinnovation theory.Then,taking China's A-share listed as the research object from 2016 to 2018,this paper uses factor analysis,multiple linear regression and other methods to explore the relationship between the three,and further studies whether the relationship between the three is different in enterprises with different property rights.The rexearch results show that:(1)Tax incentives have a significant incentive effect on corporate R&D investment and competitiveness,and have been verified in both state-owned and non-state-owned enterprises.However,the degree of incentives for competitiveness is greater in state-owned enterprises,and the degree of promotion of R&D investment is greater in non-state-owned enterprises.(2)R&D expenditure and personnel investment have a positive effect on the competitiveness of the current and lagging period of the enterprise,ofwhich R&D expenditure investment has a greater promotion effect,and R&D expenditure and personnel investment have a positive impact on the competitiveness of the lagging peiod lessthan the impact on the current period.R&D expenditure and personnel investment significantly positively affect the competitiveness of noni-state-owned enterprises in the current and lagging period.In state-owned enterprises,R&D investment can promote the current competitiveness of enterpises,while R&D personnel investment has no significantimpact on the competitiveness of enterprises,(3)On the whole,R&D funding and R&D personnel investment have a partial intermediary effect between tax incentives and corporate competitiveness.Tax incentives can affect corporate competitiveness by affecting R&D funding and personnel input.In addition,the intermediary effects of R&D expenditures and personnel investment vary depending on the nature of the property rights of the enterprise.In non-state-owned enterprises,they have a full intermediary effect.Tax incentives have a positive impact on the competitiveness of the company by affecting R&D expenditures and personnel input.In state-owned enterprises,they do not have an intermediary effect.It is not the path that tax benefits affect the competitiveness of enterprises.Finally,according to the empirical conclusions,this paper proposes some countermeasures,such as the government continues to increase tax incentives for enterprises;enterprises should increase investment in research and development;listed companies are supposed to increase research and development information disclosure levels;establishing tax incentive evaluation mechanisms,etc.