Research On Impact Of R&D Investment And Tax Preferences On The Performance Of High-Tech Enterprises

At present,China's enterprises are in a critical stage of economy transformation,under the "new normal",if enterprises are to achieve a transition to high efficiency,high quality and rapid growth,they must abandon the old methods driven by investment scale and production factors and gradually switch to technology.Innovation-driven new ways to build high-tech enterprises.The economic gap between my country and developed countries is mainly reflected in innovation capabilities.In order to effectively encourage enterprises to further increase investment in research and development activities,the Chinese government has implemented preferential tax policies.So,whether the government's preferential tax policies for high-tech enterprises can effectively promote enterprises to conduct research and development activities,and what impact will it have on enterprise performance still needs further theoretical analysis and empirical investigation.This paper adopts a combination of theoretical and empirical research to firstly comb the relevant domestic and foreign literature and policies,compare the current situation at home and abroad,and propose the hypothesis of the article in combination with the relevant basic theory;secondly,it establishes the research model of "tax benefits-R&D input-enterprise performance(profitability and growth)",and takes the data from the 2013-2017 financial statements of small and medium-sized high-tech listed enterprises as the study object,and investigates the impact of tax benefits on both profitability and growth of enterprise performance by descriptive statistics,correlation analysis and multiple regression analysis of the sample data under the condition that the intermediate variable is the proportion of R&D input.Based on the research results,this article puts forward the following suggestions:(1)At the enterprise level,high-tech enterprises should take a longer-term view of R&D and innovation investment,pay full attention to the promotion of R&D investment on corporate performance,and actively carry out tax planning.(2)From the government level,tax preferential policies should be optimized and more reasonable tax preferential policies should be formulated to increase the R&D capital investment capacity of small and medium-sized listed high-tech enterprises in R&D and innovation activities.After analysis and empirical testing,the following conclusions are drawn:(1)R&D investment has a lagging positive impact on the profitability of the company,and there is no significant correlation to the growth of the company;(2)Tax incentives and the profitability and growth of the company There is a significant positive correlation;(3)Tax incentives have a significant positive impact on R&D investment;(4)R&D investment has an intermediary effect on the relationship between tax incentives and corporate profitability and growth performance.