Research On The Influence Of Additional Deduction Of R&D Expenses On Enterprise Total Factor Productivity

During the 14th Five Year Plan period,the theme of economic and social development is to promote high-quality development,and scientific and technological innovation is the key to promoting economic development and realizing quality change.The development concept of relying solely on labor factors and capital factors has been gradually eliminated.In order to achieve high-quality economic development,the growth momentum needs to be inclined to total factor productivity.In the new development stage,improving the total factor productivity of enterprises is an important path to promote the transformation and upgrading of enterprises and improve their competitiveness.The policy of adding and deducting R&D expenses can improve the technological level and production efficiency of enterprises and affect the level of total factor productivity of enterprises.From the current situation of R&D activities in China,R&D expenditure continues to increase year by year,mainly in the high-tech field.Enterprises have surpassed the government to become the main source of R&D funds.In order to call on enterprises to pay attention to R&D and improve the production efficiency of enterprises,China’s R&D expense addition and deduction policy has been continuously improved.The scope of application has been continuously expanded and the proportion of addition and deduction has been continuously improved,which has effectively promoted the improvement of production efficiency of enterprises.Among them,the policy reform in 2016 stipulates that all enterprises except the six industries in the negative list can enjoy the preferential treatment of the plus Deduction Policy,which is of great significance.Taking the data of A-share listed enterprises in Shanghai and Shenzhen stock markets from 2013 to 2018 as samples,this thesis empirically analyzes the impact of the policy on the total factor productivity of enterprises by using the double difference model.In the benchmark regression,the Olley pakes method and levinsohn Petrin method are used to calculate the total factor productivity of enterprises.The results show that the addition and deduction policy can significantly improve the total factor productivity of enterprises,and the scale of enterprises,the turnover rate of total assets,the return on net assets and the proportion of independent directors all positively promote the improvement of total factor productivity;In the placebo test,assuming that the policy time is one year ahead of schedule,the result is not significant,which further shows that the improvement of enterprise total factor productivity is caused by the reform of R&D expense plus Deduction Policy in 2016.In the heterogeneity analysis,this thesis classifies and regresses the sample enterprises according to the production factors,life cycle and regional heterogeneity,and finds that the R&D cost plus deduction policy is more significant for the improvement of total factor productivity of technology intensive enterprises,enterprises in recession and enterprises in the eastern region.Based on the above empirical results and research contents,this thesis puts forward the following suggestions: at the government level,Firstly,we should broaden the scope of tax preference and increase the proportion of additional deduction for small and medium-sized enterprises,not just scientific and technological small and medium-sized enterprises.We should use the way of tax credit to directly credit the tax payable for the increment of R&D expenses incurred by technology intensive enterprises in the current year compared with last year,and consider using the way of tax return for further incentives.At the same time,the government should give tax preference to enterprises in recession in terms of investment and financing of R&D activities;Secondly,set up flexible policies among regions,give local governments certain discretion,adopt different levels of addition and deduction proportion according to the actual local situation,adjust the intensity of transfer payment,shift more focus to the less developed areas in the central and western regions,optimize the business environment and promote the balanced development of all regions and enterprises;Thirdly,strengthen the protection of patents and property rights,avoid "free riding" behavior,and truly make the policy effective;Fourth,improve the relevant supporting measures,strengthen the publicity of policies,strengthen the communication between science and technology and tax departments,establish an assistance platform between departments,simplify the declaration and approval process,and reduce the tax cost of enterprises.At the enterprise level,firstly,enhance the independent innovation of enterprises,pay attention to the cultivation of enterprise talents and increase the investment in R&D;Secondly,reasonably optimize the allocation of resources,and reasonably adjust the R&D strategy and optimize the allocation of resources according to their own business conditions,management system,industry,life cycle and regional resource endowment.