The Influence Of Corporate Income Tax Preference On R&D Input Of Scientific And Technological Enterprises

Enterprise innovation is the vitality of national economy and social development.So we must have strong scientific and technological strength and innovation ability.R&D input is the core competitiveness foundation for the sustainable development and progress of enterprises.As an important macro-control tool,tax affects the R&D input and innovation of enterprises.China inaugurated its science and technology innovation board(STAR)in 2019,kicking off the country’s much-anticipated capital market reform.The new market will support tech companies that are in line with the national strategies to make breakthroughs in core technologies and grow stronger.Under the special background of scientific and technological innovation and optimization of income tax,it is of great theoretical and practical importance to study the influence of preferential policies of corporate income tax on enterprises based on the perspective of STAR enterprises.Scholars have different opinions on the incentive effect of tax preference and most scholars argue that tax preference has an incentive effect on R&D input.However,there are limited researches based on the perspective of STAR enterprises.Therefore,it will be discussed in this paper by using the methods of theoretical analysis,comparative analysis and econometric analysis.Based on the tax preference incentive mechanism and the characteristics of high-tech enterprises and R&D input activities,this paper proves that tax preference has a positive impact on R&D input in theory.After study on the current situation of corporate income tax and R&D input,it is found that there are still some problems in corporate income tax,such as the authority of tax policy,the link of tax preference and the tax preference applicability.And it is also found that actual tax burdens of different STAR enterprises are quite different.Compared with enterprises listed in Growth Enterprises Market(GEM),STAR enterprises enjoy greater tax preference and have stronger R&D input and ROE.This situation leads to the following questions.Can the tax preferential policies affect the R&D input and corporate performance? Are there any different incentive functions between STAR enterprises and GEM-listed enterprises?To further study the relationships of tax preference,R&D input,corporate performance and different market boards,in this paper,2577 samples of STAR enterprises and GEM-listed enterprises in 2016-2018 are selected as the basic carriers of quantitative analysis.The conclusion is as follows.(1)Corporate income tax preference have obvious incentive effecton R&D input.For every 1% reduction in the actual tax burden,the proportion of R&D expenses in operating revenue will increase by 0.073%.(2)Corporate income tax preference also have obvious incentive effect on corporate performance.For every 1% reduction in the actual tax burden,ROE will increase by 0.065%.(3)Compared with GEM-listed enterprises,STAR enterprises enjoy more tax preferences and have better R&D input intensity and higher ROE.(4)The tax incentive function is not affected by the market boards.Suggestions on tax policy referring to successful tax experiences abroad and the quantitative analysis results include further expanding the tax preference,setting up more reasonable tax preferential links,making tax preference policies according to the characteristics of different enterprises,which maybe have positive effects on the reform of enterprise income tax and technological innovation.