Research On The Impact Of The Policy Of Additional Deduction Of R&D Expenses On The Performance Of Manufacturing Enterprise

Since the 21 st century,innovation has become the main driving force for the transformation of social structure and economic development.The state pays more attention to the innovation of different industries,and accordingly has formulated various preferential tax policies to ensure the R&D and innovation activities of enterprises.The additional deduction policy for R&D expenses is one of the important components,especially since the implementation of Caishui [2015] No.119 document,the policy has become more mature and perfect,and has gradually become an inclusive tax preferential policy.The effect has attracted extensive attention from all walks of life.Based on Schumpeter’s innovation theory,market failure theory,and tax incentive theory,this paper studies the research methods of scholars at home and abroad,and uses a combination of empirical research and case studies to analyze the relationship between R&D expense deduction policy and manufacturing enterprise performance.Relationships,influencing mechanisms,and heterogeneity effects were investigated.Based on this,the following conclusions are drawn:(1)The R&D expense deduction policy has a positive impact on the performance of manufacturing enterprises,and the effect on non-state-owned enterprises is more significant.(2)R&D investment,cost profit rate,and innovation output play an important intermediary role in the super deduction policy and the performance of manufacturing enterprises.(3)After implementing the super-deduction policy for R&D expenses,Company Y obtained an objective tax reduction and exemption,and its R&D investment,innovation output,cost profit margin,and corporate performance have all improved to varying degrees.Based on the above conclusions,this paper makes the following suggestions: For enterprises,continue to increase R&D investment,improve the efficiency of policy application,and make full use of the tax benefits brought by the super deduction policy;for the government,increase the proportion of super deduction,In particular,the super-deduction ratio for non-state-owned enterprises,and at the same time,for the super-deduction policy for R&D expenses in specific industries,a specific super-deduction ratio is implemented.