Research On The Impact Of Tax Credit Rating System On Corporate R&D Investmen

Since the 18 th National Congress of the Communist Party of China,the implementation of the innovation driven development strategy and the promotion of industrial structure optimization and upgrading have become strategic guidelines for China’s economic development.The government has given more policy incentives to enterprises in scientific and technological innovation.However,enterprise R&D investment has the characteristics of high risk,large investment amount,and long cycle.At the same time,compared to excellent foreign enterprises,the R&D investment of listed enterprises in China is still relatively low.Domestic enterprises have relatively few financing channels,and external financing is mainly obtained through credit financing,which hinders the increase of R&D investment of domestic enterprises.With the implementation of the tax credit rating system in 2014,scholars have paid attention to the impact of the tax credit rating system on the economic effects of enterprises.Previous studies have shown that the tax credit rating system has a significant impact on internal factors such as corporate financing constraints,tax compliance,corporate tax burden,corporate governance efficiency,and corporate output.Therefore,this article attempts to explore the impact of the tax credit rating system on enterprise research and development investment.This article selects non-financial listed companies in China’s A-share market from2012 to 2021 as a sample for empirical testing.Firstly,the research and development investment of the company is used as the dependent variable,and the product term of companies with a continuous tax credit rating of A and the year when they first obtained a rating of A is used as the explanatory variable.The multi time point PSM-DID model is used for basic regression;Secondly,placebo test and parallel trend test were used to verify the robustness of the model;Once again,the sample companies were grouped and regressed,using FA index and FC index to test the financing constraint mechanism;We tested the mechanism of information asymmetry through group regression based on analyst attention and whether it has been audited by the "Big Four";We tested the reputation mechanism through grouped regression analysis based on whether administrative penalties were imposed and the frequency of penalties imposed;Finally,a heterogeneity test was conducted by grouping the sample enterprises based on their industry’s technology intensity as a grouping indicator.The research results indicate that: firstly,tax credit rating will promote the R&D investment of enterprises rated A,that is,the better the tax credit rating result,the higher the R&D investment of enterprises;Secondly,the tax credit rating system promotes R&D investment by alleviating financing constraints,reducing information asymmetry,and enhancing corporate reputation;Thirdly,in the process of heterogeneity testing,the tax credit rating system has a more significant effect on low technology intensive enterprises and a stronger promoting effect.Based on the research findings,policy recommendations for China’s tax credit rating system are proposed in this article: firstly,improve the level disclosure of the tax credit rating system;Secondly,strengthen the incentive effect of the tax credit rating system;Thirdly,improve the multi subject supervision of the tax credit rating system;Fourthly,improve the system for repairing corporate tax credit,Fifthly,improve the information richness of tax credit rating results;Sixthly,enterprises should strengthen their own tax credit construction.