| Currently,technological innovation has already become an important part of the Chinese strategy system,and companies are deeply influenced by the high cost and high risk of R&D activities as a subject of innovation.Many companies have low incentives for R&D and innovation activities,which are important tax revenue policy to encourage firms to increase R&D investment and improve innovation levels,the R&D expense plus deduction policy has attracted the attention of society and academia.The ultimate goal of the government’s introduction of this policy is to hope that enterprises can transform the innovation output results into productivity.While improving innovation achievements,improving economic efficiency and financial performance of enterprises,manufacturing is an important component of the China’s economy and a "ballast stone" of the economy of a large country,plays an important leadership and driving role.Therefore,it is practical significance for the relevant departments to formulate and improve the tax system preferential policies to assess incentive effects of R&D expenditure and deductions on manufacturing companies’ financial performance.First of all,this combination of research by Chinese and foreign literature scientists on the relationship between cumulative deduction policies for research and development expenditures and financial performance explains the process of policy reform and the development characteristics of cumulative deduction policies for research and development expenditures in institutions in China,development and improvement stages.Secondly,the attribute of enterprise R&D activities is analyzed with the help of market failure theory,using the theory of tax incentives,this article analyzes the effects of the incentives of the various measures on companies,and obtains the theoretical basis for the impact of R&D spending and reduction policies on the company’s financial result,and the mechanism of the effect is further analyzed by constructing mathematical models.Finally,using entropy to evaluate the economic performance of production enterprises,we selected data from A-share listed companies in China’s manufacturing industry from 2015 to 2021 as our research sample,two-way fixed effect model,intermediate effect test model.Through deduction and reduction of research and development investment,empirical impact analysis is conducted on the level of economic performance of the sampled companies,and the analysis of the role of intermediary variables between the two.In order to refine the research,analyze the heterogeneity of the sample group through ownership type,company size and regional competition.The empirical results show that.First,deducting research and development expenses from the response results of the entire sample has a significant positive impact on the financial results of the manufacturing enterprise.Second,as a result of the mechanism test,it became clear that the research and development expenditure and the cumulative deducting policy could reduce the management cost of the enterprise,improve their endogenous financing ability,encourage firms to increase R&D investment and improve financial performance.These three methods only play a partial intermediary role.Third,from the perspective of heterogeneity analysis,research and development expenditure plus deductions will have an impact on the financial development of state and non-state manufacturing enterprises.The economic development of industrial enterprises is positive,but the impact on civil enterprises is greater.This will have a positive and significant impact on the financial performance of large and small manufacturing companies,but it will have a significant impact on the financial performance of small-scale manufacturing enterprises.The impact on the parent manufacturer is greater,it has a positive and significant influence on the economic incidence of companies in high marketing areas and a negative and significant impact on the economic incidence of companies in low marketing conditions.This thesis suggests the following actions.At the government level,we must first improve the R&D deduction policy.Secondly,it is necessary to systematically reflect and attach importance to supporting measures.Thirdly,strengthen institutional construction and create an environment conducive to innovation.At the enterprise level,first of all,it is necessary to increase investment in research and development,making full use of the impact of accounting and economic policies on enterprise performance.The second is to rationally plan the capital structure and formulate strategic capital plans conducive to innovation.The third is to actively promote policy changes and strengthen communication with tax authorities. |
