The Influence Of R&D Expenses Plus Deduction Policy On Enterprise R&D Investment

Science and technology is the primary productive force,and the progress of science and technology comes from the innovation of science and technology;innovation is the first driving force to lead the development,and behind the innovation is the result of the research and development activities of the whole society.After 40 years of rapid economic growth and a substantial improvement in economic strength after 40 years of reform and opening up,China economic strength has now entered the "new normal" model,which requires us to pay attention to the structure of the economy and stable sustainable growth,which requires that the driving force of economic development should shift from factor-driven to innovation-driven,and that advanced science and technology are the concentrated embodiment and main symbol of advanced productive forces.This also means that increasing R&D innovation is an important means to promote China economic development.The transformation and development of economy depends on the transformation and development of enterprises,and the innovation of science and technology is not overnight,it needs a long time of capital investment,and the risk is high,which makes the R&D activities of enterprises face a lot of pressure.Therefore,how to reduce the risk of R&D activities,encourage enterprises to increase R&D investment,and promote the transformation of enterprises to high-tech industries is not only the problem that our government departments should pay attention to,but also the key to the success of the transformation.In order to reduce the R&D burden of enterprises and encourage R&D innovation,China has implemented the preferential tax policy of R&D expenses plus deduction.This policy aims to reduce the corporate income tax burden,thereby reducing the cost of R&D,increasing the cash flow of enterprises,so that enterprises have more adequate funds to invest in R&D activities.In order to further encourage enterprises to increase R&D investment and support scientific and technological innovation,the Ministry of Finance,the General Administration of Taxation and the Ministry of Science and Technology issued a notice on increasing the proportion of deductions before tax on R&D expenses(Finance and tax [2018] 99).The proportion of additional deductions for R&D expenses was increased from 50% to 75%.In order to deeply study the influence of R&D cost addition and deduction policy on R&D investment,this paper takes the increase of R&D cost addition and deduction ratio as the starting point,studies the influence of R&D cost addition and deduction policy through theoretical analysis and empirical analysis,and adopts DID to carry on the empirical research by using the data of manufacturing listed companies from 2016 to 2018.The results show that the policy of addition and deduction of R&D expenses plays a positive role in promoting R&D investment of enterprises.At the same time,it is found that the policy of addition and deduction of R&D expenses has no obvious influence on state-owned enterprises,but has a significant impact on private enterprises.This paper is divided into six parts: the first part is the introduction,mainly describes the background and significance of this study,research ideas and methods.The second part is literature review,this part mainly summarizes the relevant research done by scholars at home and abroad,and on this basis,puts forward their own views and ideas.The third part is the current situation and policy analysis of R&D investment in China,mainly describes the current situation of R&D activities and the development of R&D cost plus deduction policy in detail.The fourth part is the analysis of the policy theory and function mechanism of R&D cost addition and deduction,which mainly expounds the related theory and function mechanism of R&D cost addition and deduction policy.The fifth part is the empirical part of this paper,first of all,it puts forward the problem hypothesis,adopts the double difference model,selects the appropriate research samples and related variables for the manufacturing enterprises as the research object,and collects the relevant data,carries on the Hausmann test,the multiple collinearity test,the double difference regression analysis to the sample data,carries on the regression analysis to the different ownership types,the enterprise size,the regional enterprise.Finally,the stability of the empirical model is tested.The sixth part is the empirical results and related suggestions,in view of the previous theoretical analysis and empirical analysis,the above research results are summarized and analyzed,from the policy preferential scope,preferential intensity and other aspects of suggestions,especially for small and medium-sized enterprises,the central and western regions,private enterprises,we should increase the policy tilt and support,encourage enterprises to invest in R&D,and enhance the innovation ability of our country.