Research On The Impact Of Preferential Income Tax Policy On R&D Investment Of Listed Companies In Information And Communication Industry

As our economy moves into a stage of high-quality development,the economic model that used to rely mainly on factor resources and investment as the driving force for development is no longer relevant to our national conditions,the importance of innovation for China’s economic development is more and more prominent,innovation is gradually becoming China’s economic growth“Power source”.As the main force of innovation in our country,the effect of enterprise innovation is directly related to the level and quality of our country’s future economic development.In recent years,in order to encourage enterprises to increase R&D investment and enhance the level of innovation,our country has promulgated a series of preferential tax policies,including income tax preferential policies,and has also achieved certain results.Many scholars have also carried out a lot of research on the effect of R&D incentives on the income tax preferential policies,but the research on single industry segmentation policy is less.Therefore,this thesis takes the information and communication industry as the research object,and further analyzes the differences between the tax rate preference and the R&D Cost Plus and minus based on the innovation incentive function of the overall preference,the possible moderating effect of relevant variables on the R&D incentive effect of income tax preference and the heterogeneity of the impact of income tax preference on the R&D investment of enterprises with different regions,scales and property rights are also studied,finally,based on the above analysis,the thesis puts forward relevant policy recommendations.Based on the data collected from 251 listed companies in China’s information and communication industry,this thesis makes an empirical analysis of 930 samples,the income tax preference can significantly promote the R&D investment of the information and communication enterprises in the sample,and from the perspective of the segmentation policy,the R&D Cost Plus deduction policy has a significant incentive effect on R&D,but the current preferential tax policy did not produce the policy effect,but the sample of R&D input has a restraining effect.The moderating effect analysis shows that both CEO shareholding and integration of two positions have negative moderating effects on the R&D promotion of income tax,while the financing constraints of enterprises can positively regulate the R&D incentive effect of this policy.In addition,the heterogeneity analysis shows that the middle-west,non-state-owned and small-scale enterprises are more sensitive to the income tax preference,and the R&D Cost Plus deduction policy has a more significant role in promoting the R&D of large-scale enterprises.Therefore,this thesis suggests that we should increase the proportion of R&D expenses plus deductions and expand the scope of application,and then strengthen the examination of high-level qualifications,improve the post-regulatory procedures,and pay attention to the preferential policies of income tax.