Research On The Influ Ence Of Additional Deduction Of R&d Expenses And R&D Input On Innovation Performance

Thc 14th Five-Year Plan points out that innovation is the core strategy to realize the goal of socialist modernization and an inexhaustible driving force for the development of a nation.Only through innovation can we speed up the building of a powerful nation in science and technology and achieve the goal of becoming one of the top innovation-oriented countries by 2035.Innovation is the driving force for development,and the state has been vigorously advocating mass innovation and has introduced corresponding preferential policies.For the incentive of enterprise R&D innovation,the policy of additional deduction of R&D expense arises at the right moment,so whether the tax incentive policy can really improve the level of enterprise innovation is worth further study.In recent years,there are many studies on the impact of additional deduction policy of R&D expense on innovation performance,but at present,there is still no consistent conclusion on the reationship bctween the two,and there is some controversy.At the same time,preferential tax policies enjoyed by enterprises through R&D and innovation activities have alleviated the financing difficulties of SMES to a certain extent,which has important research value.Therefore,this paper takes the GEM listed enterprises with active R&D and innovation as the research object,empirically studies the impact and influence path of R&D expense additional deduction intensity on enterprise innovation performance,and puts forward effective policy recommendations to improve eve level of enterprise innovation performance based on the research conclusions.First of all,this paper introduces the background and significance of the research content,reviews relevant literature at home and abroad,and introduces the research methods and possibly innovation points.Seconoly,it defines the concepts of R&D expense additional deduction policy,R&D investment and innovation performance and expounds the tax incentive theory,endogenous economic growth theory and Schumpeter’s innovation theory.It also analyzes the status quo of R&D expense additional deduction policy,and analyzes the status quo of R&D investment and innovation performance of GEM listed enterprises.Based on the above theoretical analysis,the relationship between R&D expense deduction intensity and innovation performance is proposed.Innovation performance is proposed from the perspective of the number of invention patent grants and the number of non-invention patent grants,namely,the influence of R&D expense deduction intensity on the number of invention patent grants and the influence of R&D expense deduction intensity on the number of non-invention patent grants.At the same time,it is assumed that additional deduction of R&D expenses in different industries has different incentive effects on innovation performance.In addition,the mediating effect hypothesis of R&D investment intensity in R&D expense deducting intensity and innovation performance is proposed.The research and development investment intensity is divided into three aspects:cost R&D investment intensity,capitalized R&D investment intensity and R&D personnel investment intensity.The mediating effect of capitalized R&D investment intensity in R&D expense deductible intensity and innovation performance,the mediating effect of capitalized R&D investment intensity in R&D expense deductible intensity and innovation performance,and the mediating effect of R&D personnel input intensity in R&D expense deductible intensity and innovation performance.Then,the data of 237 high-tech enterprises on GEM from 2013 to 2021 are selected for empirical analysis,and the robustness of the regression model is tested.The empirical results show that the R&D expense deduction intensity of high-tech enterprises on GEM has a significant positive effect on innovation performance.The intensity of additional deduction of R&D expenses has a stronger incentive effect on the number of invention patent grants of manufacturing enterprises,and a stronger incentive effect on the number of non-invention patent grants of non-manufacturing enterprises.The intensity of R&D investment plays a partial mediating effect between the intensity of R&D expense deductibility and innovation performance.The capitalized R&D investment intensity has no mediating effect between the R&D expense deduction intensity and the number of invention patents granted,but it has a masking effect between the R&D expense deduction intensity and the number of non-invention patents granted.R&D personnel investment intensity plays a partial mediating role in the influence path of R&D expense deductibility intensity and innovation performance.In view of the above conclusions,this paper puts forward policy suggestions from the perspectives of government,enterprises and financial institutions:the government should improve the policy of additional deduction of R&D expenses,strengthen the protection of intellectual property rights,standardize the disclosure system of enterprise R&D data and guarantee the implementation of the policy of additional deduction of R&D expenses,so as to effectively promote enterprise innovation;Enterprises fully respond to and implement the policy of extra deduction of R&D expenses,reasonably increase R&D investment,make full use of the industry-university-research platform to introduce innovative talents,and improve their own innovation ability.Financial institutions will provide innovative financial support.Finally,this paper expounds the conclusion of the research,and puts forward the prospect of the future research direction according to the shortcomings of the research content.This paper has enriched the theoretical research on the effect of R&D expense deduction and R&D input on innovation performance of GEM listed enterprises,provided feasible suggestions for the formulation and improvement of government policies,provided guidance and suggestions for enterprises to improve their innovation performance,and provided new research ideas for subsequent researchers.