Research On The Influence Of Corporate Income Tax Incentives On R&D Investment

Scientific and technological innovation is the internal driving force of national prosperity and national progress,and an important pillar of economic development.Strong scientific and technological innovation capability has become one of the necessary prerequisites for the expansion of enterprises and the prosperity of the country.At present,in order to achieve higher-quality economic development,China should focus on harnessing scientific and technological progress to generate new drivers of development,relying on innovation to drive connotation growth,enhancing independent innovation capacity,and making breakthroughs in key core technologies.The enterprises as the mainstay of R&D spending,more should bear the burden of science and technology innovation,shoulder R&D activity leading standard,and make full use of the preferential tax preferential policies,such as seize the opportunities,investment research and development activities actively,set up the core competitiveness,a place in the global market,to promote the high quality of the national economy sustainable development.From the perspective of ownership concentration,this paper studies the influence of corporate income tax preferential policies on R&D investment of listed companies in China.Firstly,based on corporate governance theory,market failure theory and endogenous economic growth theory,this paper sorts out the influence mechanism of tax incentive policies to stimulate enterprises’ R&D investment and the ownership concentration degree to play the threshold effect in the process of tax incentive policies.Then it deeply analyzes the research and development investment status of China’s A-share listed companies,the concentration of equity,and the use of tax incentives.Then,taking the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2019 as samples,this paper tests the R&D incentive effect of tax incentives and the threshold effect of ownership concentration,and draws the following key conclusions:Tax incentives significantly stimulate R&D investment;Ownership concentration has a threshold effect on tax incentive R&D investment;The incentive effect of tax incentives and the threshold effect of ownership concentration have heterogeneity in industry,property right nature and enterprise scale.Finally,in order to further improve the innovation level of Chinese enterprises,this paper puts forward the following suggestions:tax incentives should continue to be increased;Appropriately expand the scope of tax incentives to all walks of life;Increase tax support for small and medium-sized enterprises;We should pay attention to the degree of ownership concentration of enterprises and encourage R&D investment with differentiated tax preferential policies of different intensity to promote the improvement of scientific and technological innovation level of Enterprises in China.