Research On The Impact Of R&D Investment Of High-tech Enterprises On Corporate Performanc

Since 2008,China has introduced a series of income tax preferential policies for high-tech enterprises to stimulate their innovation drive and improve their development capabilities.At present,China’s R&D expenditure ranks second in the world,with both R&D funds and other resources increasing year by year.However,the return on R&D investment is still lagging behind that of developed countries.Research and development activities have risks,and the self-regulation effect of the market will be affected.The government needs to adjust the market through macro policies.Income tax incentives are applied to enterprises as a means of government market adjustment.Enterprises can invest the amount of income tax incentives enjoyed during the research and development process back into their research and development activities.High tech enterprises are an important force for innovation.This article incorporates income tax incentives,R&D investment,and corporate performance into the same research framework to explore the actual impact of R&D investment on corporate performance,which is beneficial for the refinement and improvement of government tax and other incentive policies,as well as for enterprises to make reasonable R&D decisions.This paper combs the relationship between R&D investment,corporate performance and income tax incentives through three theories,including mark et failure,and combining the literature of relevant scholars,and clarifies the direct relationship between R&D investment and corporate performance.From the perspective of income tax incentives,this paper analyzes the moderating effect of income tax incentives,and puts forward research hypotheses,We selected 3645 observation values from 405 enterprises from 2012 to 2020 as research samples to analyze the relationship between R&D investment and corporate performance in the current and delayed periods.We introduced income tax incentives as a moderating factor for the relationship,analyzed the implementation of income tax incentives,and conducted heterogeneity analysis based on regional differences.There are three main findings in this article:(1)There is a significant negative correlation between R&D investment intensity and corporate performance;(2)There is a significant positive correlation between the intensity of R&D personnel investment,the growth rate of R&D investment,and current enterprise performance;(3)The preferential income tax policy has a positive moderating effect on the relationship between R&D investment and corporate performance.Four suggestions are proposed for both the company and government levels:(1)Strengthen the innovation awareness of enterprises and leverage the guiding role of income tax incentives;(2)Improve the scientific and technological innovation talent management level of enterprises;(3)Increase policy support and improve the income tax preferential system;(4)Enhance intellectual property protection and optimize the incentive system for scientific and technological innovation.