Research On The Impact Of R&D Expense Deduction On R&D Investment In Electronic Information Manufacturing Industry

In the context of the severe epidemic situation at home and abroad and the complex international economic situation,the development of enterprises is facing many unknown challenges,so China’s government departments have introduced many tax reduction and fee reduction policies,on the one hand,to reduce the burden on enterprises,to help enterprises tide over difficulties,on the other hand,to encourage enterprises to strengthen independent investment and enhance their competitiveness.The electronic information manufacturing industry in many manufacturing industry R&D investment activities are the largest,R&D investment is the largest,so the state has formulated a series of tax incentives,of which,R&D expenses plus deduction is a special preferential tax policy for the R&D investment of enterprises,its attention has not decreased.Many scholars have studied the effectiveness of the implementation of this policy.The conclusions are different,the object of study is also based on all enterprises,there has not been a comprehensive study of the electronic information manufacturing industry with the highest R&D investment,so whether the R&D expense deduction policy has promoted the R&D investment in the electronic information manufacturing industry needs in-depth research.Therefore,this thesis selects the "additional deduction policy" implemented on January 1,2016 as a reform measure to empirically analyze the panel data of listed companies in China from 2011 to 2020,and uses the DID model to analyze the impact of research and development expenses deduction on the R&D investment of China’s electronic information industry.This article begins with a introduction to the tax theory and mechanism of R&D expense deduction policy to promote R&D investment in the electronic information manufacturing industry,so several hypotheses are proposed.Then,the history of the reform of the additional deduction policy was introduced,and then the overall research and development status of China and the research and development status of the electronic information manufacturing industry were analyzed in detail.Followed by an empirical study,the intensity of R&D investment was taken as a quantitative indicator of R&D investment in the electronic information manufacturing industry,the electronic information manufacturing industry that enjoyed the R&D expense deduction policy was used as the processing group,and the nonreformed industries stipulated in the 2016 additional deduction policy were used as a control group,and the effect of the policy on the R&D investment in the electronic information manufacturing industry was analyzed by the DID method regression,and the stability test and heterogeneity analysis were carried out.Therefore,based on the empirical results,the conclusion was drawn: first,the research expense deduction has a promoting effect on the investment in the electronic information manufacturing industry,so that the R&D activities of the electronic information manufacturing industry have increased significantly;second,the incentive effect of the R&D expense deduction policy on large companies is greater than that of small and medium-sized companies;third,compared with state-owned enterprises,private companies are more sensitive to the R&D expense deduction policy;fourth,the effect of the R&D expense deduction policy in the central and eastern regions is better than that in the western and northeastern regions.Finally,based on the existing empirical results and research conclusions,suggestions were made for the improvement of the R&D expense deduction policy: first,improve the design of the R&D expense deduction policy system;second,strengthen tax incentives for small and medium-sized enterprises;third,increase tax incentives for R&D activities of private enterprises;fourth,increase policy support for enterprise development in the western and northeastern regions.The innovation of this thesis is mainly the following three points: First,this thesis takes the electronic information manufacturing industry as an example to be more targeted and representative.Therefore,it is most appropriate to study the effect of the additional deduction policy as an object.Secondly,through the comparative analysis of factors such as region,the nature of enterprise property rights,and the scale of enterprises,it is found that the impact of additional deductions on China’s electronic information industry under different circumstances is different,and the policy incentive effect of China’s electronic information industry is empirically analyzed from the perspective of empirical evidence.Finally,on this basis,an empirical study was conducted using a double difference model to avoid systematic bias and selective bias,expand the number of experimental samples,and scientifically evaluate the policy effect.