Research On The Incentive Effect Of R&D Expenses Super-deduction Of Strategic Emerging Industries

The development of strategic emerging industries is an important measure to enhance the competitiveness of enterprises and the fundamental requirement for building an innovative country.The "Thirteenth Five-Year Plan" once again emphasizes the importance of attaching importance to the development of strategic emerging industries,and proposes that by 2020,the value added of strategic emerging industries will account for 15%of the GDP.At present,China's strategic emerging industries are still in the initial stage of development.Their R&D activities are characterized by long investment cycles,high risks,and spillovers.It is difficult for companies to carry out R&D activities themselves.Therefore,the development of strategic emerging industries requires government support.China's policies to promote independent innovation in strategic emerging industries mainly include government subsidies and tax incentives.Among them,the super deduction policy is regarded as the most important tax preferential policy for the government to encourage and support enterprises to carry out independent innovation.Analyzing and evaluating the incentive effect of the super deduction policy on strategic emerging industry R&D activities is an important link to test whether the policy is effective,which has great practical significance for improving the incentive accuracy of tax preferential policies and building an innovative country.Based on this,this paper first analyzes the relationship and impact mechanism between the additional deduction policy,R&D investment,and innovation efficiency based on combing relevant papers and combining market failure theory,externality theory,new economic growth theory,and technological innovation theory.Then,using the Shanghai-Shenzhen Stock Exchange 2014-2018 A-share strategic emerging industry listed companies as a research sample,using methods such as propensity score,regression analysis,random frontier analysis,etc,to study the additional deduction policy in different property rights,different industries,different The incentive effect of the R&D expense super deduction policy on R&D investment and innovation efficiency among enterprises in the region,the research results show that:(1)The super deduction policy helps to increase the intensity of R&D investment of enterprises,but in new energy companies and high-end equipment manufacturing In the industrial enterprises,the incentive effect of the additional deduction policy is not obvious,the role in the state-owned enterprises is not as significant as in the private enterprises,and the role in the enterprises in the western region is not as significant as in the non-western regions;(2)The improvement of the innovation efficiency of enterprises has a clear promotion effect,and the additional deduction has a significant promotion effect on the innovation efficiency of the new generation of information technology enterprises and biological enterprises,but the incentive effect on other industries is not significant.In private enterprises and enterprises in the western region,the effect of additional deduction policies on the improvement of innovation efficiency is not very obvious.Finally,based on the above empirical analysis,this article puts forward countermeasures and suggestions such as increasing the preferential policy of additional deduction policies,implementing differentiated additional deduction policies,and strengthening the tax incentive policies for achievement transformation.