Research On The Incentive Effect Of Fiscal And Tax Preferential Policies On R&D Investment Of Integrated Circuit Enterprises

The integrated circuit industry is a strategic industry that supports the development of China’s digital economy and information industry,and its rapid development can provide important technical support for China’s economy to achieve high-quality development.However,at present,China’s integrated circuit industry is large but not strong,lack of high-end talents,core technology,especially with the turmoil of the international situation,China’s integrated circuits are facing the dilemma of foreign governments and enterprises,so improving the R & D and innovation ability of China’s integrated circuit industry is the key to seeking breakthroughs in the future.Therefore,in view of the fiscal and taxation policies that have been implemented for a period of time,this paper discusses the policy incentive effect of R&D investment of integrated circuit enterprises and the nonlinear impact of fiscal and taxation policies under the effect of enterprise scale threshold effect from the integrated circuit industry.At the theoretical level,by sorting out the literature of "promotion theory" and "suppression theory",the role of fiscal and tax incentive policies on R&D investment is analyzed from the mechanism level: financial subsidies correct the externalities of technology research and development,tax incentives reduce R&D costs and R&D risks,and mobilize the enthusiasm of R&D,while with the continuous expansion of enterprise scale,R&D investment may increase significantly.Then,on the basis of the mechanism of action,the research hypothesis is further proposed.In terms of empirical analysis,the empirical process of this paper is roughly divided into four stages:(1)CSIA’s existing integrated circuit member directory is combined with the data of listed companies in China from 2015 to 2021 to construct balanced panel data.(2)The incentive effect of financial subsidies and tax incentives on R&D investment is tested through the fixed-effect model;Using the threshold model,the financial subsidies and tax incentives have a nonlinear impact on the R&D of integrated circuits under the influence of enterprise scale.(3)Explore the property rights and regional heterogeneity of financial subsidies and tax incentives,and further supplement and deepen them.(4)Replace the explanatory variables for robustness testing.The empirical results show that:(1)There is a significant positive correlation between financial subsidies and preferential tax policies and enterprise R&D investment.(2)Compared with tax incentives,the incentive effect of financial subsidies on R&D investment is more significant.(3)The impact of fiscal and taxation policies on the R&D investment of integrated circuit enterprises has a threshold effect on the scale of enterprises,that is,when the scale of enterprises expands beyond a certain limit,there is a double threshold for financial subsidies for enterprise R&D investment,and there is a single threshold for tax incentives for enterprise R&D investment.(4)There are differences in the effect of fiscal and taxation policies on the R&D investment of enterprises in different property rights and different regions.Compared with state-owned enterprises,non-state-owned enterprises have a stronger willingness to research and development,and fiscal and tax incentives have a better incentive effect on them.The utilization rate of fiscal and tax policies by enterprises in the eastern region is higher than that in the non-eastern region.Finally,in terms of fiscal policy,the suggestions are: first,strengthen the supervision of subsidies and clarify the use of subsidies;The second is to increase the intensity of subsidies and improve the structure of subsidies.In terms of tax policies,the first is to expand the scope of tax incentives to cover the entire industrial chain as much as possible;The second is to pay attention to indirect tax incentives and improve the form of tax incentives;The third is to introduce preferential tax policies to help the development and introduction of talents.