The Effect Of Income Tax On R&D Investment Of High-tech Enterprises Impact Effect And Policy Improvement Study

In today’s world,the development of science and technology is changing rapidly.Technological innovation capability is not only a key factor in determining the level of economic development of a country,but also an important condition for maintaining stable and healthy economic development and promoting continuous optimization of economic structure.In this context,the innovation ability of enterprises naturally becomes one of the important criteria for assessing the sustainable and healthy development of enterprises.As an important promoter of scientific and technological innovation,high-tech enterprises play an important role in improving the innovation capacity of enterprises and even the whole country.Compared with other types of enterprises,high-tech enterprises have higher requirements for technological innovation.Increasing R&D investment and using R&D funds reasonably and effectively are of great significance to the survival and development of high-tech enterprises.Therefore,it is especially necessary to study the actual impact of income tax burden on R&D investment of high-tech enterprises in China,so that our government can formulate relevant fiscal and tax policies for innovation incentives.This paper uses high-tech enterprises listed in Shanghai and Shenzhen A-shares from 2016 to 2020 as sample data,and draws on existing literature to construct a panel regression model and a moderating effect model to empirically investigate the correlation between income tax burden and R&D investment level of high-tech enterprises in China.Firstly,a main regression is conducted using the matched 5179 observations to verify the negative relationship between corporate income tax burden and R&D investment;secondly,interaction terms are generated between high-tech enterprises’ income tax burden and financing constraints and business risks respectively to investigate the effects of financing constraints and business risks on corporate income tax burden and R&D investment;finally,a heterogeneity test is introduced to examine the effects of life cycle,equity nature and Finally,a heterogeneity test is introduced to examine the effects of life cycle,equity nature and size on the relationship between enterprise income tax burden and R&D investment.The findings of this paper are as follows:first,there is a significant negative relationship between income tax burden of high-tech enterprises and R&D investment,i.e.,reducing the income tax burden of high-tech enterprises is conducive to increasing the R&D investment of enterprises;second,the interaction between income tax burden of high-tech enterprises and financing constraints and business risks has a positive moderating effect on R&D investment;third,the incentive effect of enterprise income tax burden on R&D investment of enterprises in the growth and Thirdly,the incentive effect of corporate income tax on R&D investment of enterprises in growth and maturity periods is stronger than that of enterprises in decline periods;the incentive effect on R&D investment of state-owned enterprises is stronger than that of non-stateowned enterprises;the incentive effect on R&D investment of large enterprises is stronger than that of small and medium enterprises.Finally,by combining the existing problems of R&D investment in high-tech enterprises with the conclusions drawn,suggestions are made at both government and enterprise levels.