Research On The Impact Of R&D Expense Deduction Policy On Innovation Investment Of Manufacturing Enterprises

Innovation is the first driving force leading development,enterprises are the main body of innovation,and the externalities,uncertainties and publicity of innovative activities often cause market failures,thus affecting the innovation investment of enterprises.As the main body of China’s current vigorous promotion of the "intelligent manufacturing" strategy,manufacturing enterprises have received close attention from the government for their innovation ability.In order to solve the market failure phenomenon in the innovation activities of manufacturing enterprises,improve the independent innovation ability of manufacturing enterprises,promote industrial restructuring,and achieve high-quality economic development,China revised the R&D expense deduction policy in2018 to further increase the proportion of additional deductions for manufacturing enterprises,so that manufacturing enterprises can enjoy the preferential treatment of the tax policy.The impact of China’s newly revised R&D expense deduction policy on the innovation investment of manufacturing enterprises has aroused widespread concern from the Chinese government and academia.This paper uses the case study method and selects the manufacturing enterprise S as the research object to discuss the impact of the revised R&D expense deduction policy on manufacturing enterprises in 2018.By reading and combing the relevant theories and literature on R&D expense deduction policy and enterprise innovation investment at home and abroad,this paper collects and sorts out the data and data of S enterprises enjoying R&D expense deduction policy and innovation input,analyzes the relationship between R&D expense deduction policy and S enterprise innovation investment,discusses the path of R&D expense deduction policy affecting S enterprise innovation investment,and the impact of R&D expense deduction policy on innovation investment on the core competitiveness and market value of S enterprises.This paper finds that the revised R&D expense deduction policy in 2018 has a promoting effect on the innovation investment of S enterprises;the R&D expense deduction policy promotes the innovation investment of S enterprises by alleviating enterprise financing constraints,reducing innovation costs,reducing innovation risks,and optimizing the talent structure;and the R&D expense deduction policy promotes innovation investment to enhance the core competitiveness and market value of S enterprises.This paper not only enriches the research related research on China’s R&D expense deduction policy and enterprise innovation investment,but also provides a reference for the state to formulate relevant tax incentive policies and enterprises to make reasonable innovation investment decisions,which is of great significance for improving China’s core competitiveness and transforming the mode of economic growth.