Research On The Effect Of R&D Expenses Additional Deduction Policy

In the era of rapid development of science and technology,science and technology have become the soul of the progress of a country and an enterprise.It is an important supporting force for social and economic development.R&D innovation can drive the endogenous development of economy.R&D activities of enterprises play a decisive role in gaining new competitiveness.From the national macro data,China’s total investment in R&D has been in the forefront of the world.However,in terms of micro-individuals,the R&D investment of Chinese enterprises is far less than that of the world’s famous enterprises.To raise the awareness of R&D activities and increase the intensity of R&D investment not only requires the efforts of enterprises,but also requires the government to pay attention to the pain points of enterprises’ R&D activities,giving certain fiscal and tax preferential policies to help enterprises tide over the difficulties.R&D expenses additional deduction policy specifically targets the research and development activities of enterprises.Compared with other preferential tax policies,the policy has a clearer direction and it is more targeted.In recent years,the intensity of preferential policies has been continuously increased,and the detailed rules for the implementation of policies have been constantly improved.Only by grasping the problem,can we carry out more efficient improvement work.This paper is to study the implementation of the additional deduction policy,and explore the incentive effect of the additional deduction policy on the R&D input,output and performance of enterprise.In the process of research,the implementation of the policy should not be ignored.Combining theoretical analysis,questionnaire survey and empirical analysis,this paper not only expounds the action mechanism of additional deduction policy,but also analyzes the status of China’s R&D.Comparing with the R&D intensity of major countries in the world,it shows that there is still a large space for China to improve its R&D investment.By means of questionnaire survey,the author investigated the implementation of the additional deduction policy in xuzhou city,jiangsu province where the author is located,and found the deficiencies in the implementation process of the policy.In the empirical analysis,this paper collected the relevant data of 1976 listed companies from 2016 to 2018,and carried out a regression analysis on the impact of the additional deduction policy on the R&D intensity,R&D output and performance of enterprises.A total of 278 valid questionnaires were received,56.47% of the sample enterprises were entitled to the R&D additional deduction policy.About 65% of the enterprises that enjoy the policy believe that the additional deduction policy has indeed played a role in stimulating the R&D investment of enterprises,and about 46.5%believe that the policy has a significant role in promoting the economic benefits of enterprises.Only about 20% of the financial personnel can understand the policies terms listed in the questionnaire very well.Some financial personnel reflect the difficulties in collecting the R&D expenses,the unclear application process,the lack of enthusiasm in the declaration,and the existence of certain tax risks in the filing management.In the part of empirical analysis,this paper manually sorted out whether enterprises enjoy this policy referring to the annual financial reports,and took policy factors as the main explanatory variables to conduct research by industry and region.In the regression analysis,the policy time delay is considered,and the dependent variable is treated as one-stage lag.According to the statistics,the number of companies eligible for the additional deduction policy increased significantly in 2018.The empirical results show that there is a significant positive correlation between the policy and the R&D input,output and profitability of enterprises without distinguishing between industries and regions.However,when the sub-sample regression was carried out for different industries,it was found that the influence of policies on R&D investment and profitability of high-tech industry showed a positive correlation,but it was not significant for R&D output of high-tech enterprises.The policy has a significant impact on the R&D input and output of non-high-tech enterprises,but has no significant impact on the profitability of non-high-tech enterprises.It indicates that for non-high-tech enterprises,the additional deduction policy does not promote the profitability of enterprises at present.In the sub-sample regression of different regions,the author found that the impact of additional deduction policy on the R&D input and output was not significantly related to the economic development of each region.The influence of the policy was quite different in each region.Among the influences of policies on R&D investment,the regression coefficient of eastern and western regions was positive and passed the significance test,while that of central and northeast regions was not significant.Among the influences of policies on R&D output,only the result of northeast region is not significant and the regression coefficients of the main explanatory variables in other regions were positive and passed the significance test atdifferent levels.Among the influences of policies on enterprise profitability,enterprises in the eastern,central and northeastern regions passed the significance test at the 1%level and showed a positive correlation.Only the regression coefficient in the western regions was negative.Thus it can be seen that the R&D expenses additional deduction policy has a distinct impact on enterprises in different regions,so it is necessary to improve the implementation of the policy according to the actual situation.According to the questionnaire survey and empirical research,the author stated the deficiencies of additional deduction policy existing in the formulation,implementation and try to find the optimizing policy advice.From two aspects of government and enterprise itself put forward the corresponding optimization measures,hope to provide reference for enterprise and government.Try my best to improve the policy implementation effect.