Deduction of Research and Development Expenses and the Effectiveness of Enterprise Innovation:Discussing the Governance Effect of Management's Shareholding
Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2020,it studied the impact of the policy on the super deduction of Research and Development(R&D)expenses on the innovation performance of enterprises in this paper.The research results showed that the super deduc-tion can significantly promote the R&D investment of enterprises,and can significantly promote the output of enterprises to focus on invention patents instead of utility model patents and design patents;Expected effect,the promotion effect of super deduction preference on corporate R&D investment is better than that of corporate income tax rate preference,but the promotion effect on R&D performance is not necessarily better than it;The relationship between the deduction and R&D investment has a positive governance effect.Although it has a certain negative impact on the relationship between the super deduction and the output of invention patents,when the enterprise enjoys the super deduction,the management's sharehold-ing itself can significantly further increase the output of invention patents.Therefore,it is imperative to create conditions for the implementation and implementation of the super-deduction policy,expand the benefits of the policy,and fully release the inclusive function of the super-deduction policy,rather than further enhancing the preferential treatment.Promoting more companies to implement equity incentive plans and increasing managers'shareholding levels will be conducive to the exertion of policy effects.
super deductionR&D investmenthigh-quality R&D resultsmanagement shareholding
NETL
NSTL
万方数据
