An Empirical Study On The Influence Of Enterprise Income Tax Preference On R&D Investment In High-end Equipment Manufacturing Industry

At present,China’s economic development has entered a new normal.With the rapid improvement of economic level and continuous increase of material wealth,China is also faced with the problem of economic transformation and "Middle income".In order to better deal with this dilemma,the 18 th national congress of the communist party of China put forward that "Scientific and technological innovation is the strategic support to improve social productivity and overall national strength".The report also further affirmed the importance of innovation-led development.In such an environment,although the innovation ability of Chinese enterprises has been improved,there is still a certain gap between them and the major developed countries in terms of R&D level.High-end equipment manufacturing industry is the key of the national economy development,has important significance in promoting the transformation and upgrading of traditional manufacturing.In addition,we cannot ignore the problem of unbalanced economic development,China is a vast country with different resource endowments and infrastructure in different regions,it is necessary to support enterprises with more targeted policies.Therefore,it is of practical significance to analyze regional differences in the effects of tax incentive policies.On the basis of a full study of domestic and foreign literature,this paper concludes two breakthrough points: heterogeneity analysis and high-end equipment manufacturing industry.Then,it describes the definition of the current high-end equipment manufacturing industry,tax burden and tax calculation;at the same time,this paper analyzes the status quo of regional heterogeneity from two aspects of R&D personnel investment and R&D expenditure investment.Based on the theoretical foundation of the above,the author selected 279 domestic high-end equipment manufacturing industry from 2012 to 2018 micro data of the listed company for empirical research,and the selected samples are grouped regression,in order to do the research about areas and property heterogeneity on the effect of tax policy.The empirical results draw the following conclusions: Firstly,the preferential income tax policy has a significant positive incentive effect on the R&D investment intensity of high-end equipment manufacturing industry;Secondly,the financial characteristics and related indicators of corporate governance will affect the policy effect of income tax incentives on high-end equipment manufacturing.Thirdly,the policy effect of income tax preference on high-end equipment manufacturing industry will be different due to the heterogeneity of regions and property rights.The incentive effect of preferential policies of enterprise income tax in eastern region is more obvious than that in central and western regions,and the policy effect of private enterprises is better than that of state-owned enterprises.In view of the above conclusions,this paper puts forward corresponding policy suggestions from the perspectives of government and enterprises.From the perspective of the government: At first,implement the tax policy of regional differentiation and construct the regional innovative tax system;In addition,formulate preferential tax policies for high-end equipment manufacturing.From the perspective of enterprises: on the one hand,reduce the proportion of debt financing and maintain a stable asset structure;On the other hand,improve corporate governance and reduce equity concentration.