Can the Super-deduction of R&D Expenses BoostR&DInvestment?  

作　　者：Tao Qian Yutao Zhan Shiyuan Pan 

机构地区：[1]China Academy of West Region Development,Zhejiang University,China [2]School of Economics,Zhejiang University and Research Center for Industries of the Future,Westlake University,China [3]School of Economics,Zhejiang University,China

出　　处：《China & World Economy》2023年第5期135-160,共26页中国与世界经济（英文版）

摘　　要：The super-deduction of research and development(R&D)expenses is at the core of the policy to stimulate enterprise innovation in China.This paper identifies whether firms are supported by the super-deduction policies for R&D expenses and uses the diferencein-diferences method to investigate the impact of the policies on R&D investment.The results show that changes in policy in 2013 significantly increased the R&D investment of firms engaging in key state-supported technologies.Policy changes in 2016 significantly increased the R&D investment of firms engaging in non-key-state-supported technologies.Enterprises not only invested all their tax incentives in R&D activities but also increased their investment in self-raised funds.The super-deduction policy had different impacts on different industries,firms with different boards,and firms with diferent ownership.The policy significantly affected the manufacturing and construction industries,the Small and Medium Enterprise Board,and non-state-owned enterprises.Through a mechanism analysis,we found that the policy significantly reduced the user cost of R&D and increased the net cash flow of enterprises,which could raise a firm's R&D investment.It is necessary to increase policy support,expand the scope of super-deductible expenses,and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy.

关 键 词：R&D investment super-deduction policy for R&D expenses tax incentives 

分 类 号：F276[经济管理—企业管理]