An Empirical Analysis of the Impact of Preferential Tax Policies on the R&D Investment of Small and Medium-sized Technology-based Enterprises
As an important means for the government to support scientific and technological innovation in enterprises,preferential tax policies are an effective incentive mechanism for addressing their weak motivation to make innovations caused by the externality of innovation.It examines the impact of tax in-centives on their R&D investment based on a sample size of 5,438 small and medium-sized technology-based enterprises listed on the New OTC Market of China from 2015 to 2022.Beginning with local fi-nancial pressure,independent director size,and ownership concentration used as moderating variables,it proposes a hypothesis and builds a model for the regression analysis and robustness testing by focusing on government governance and corporate management.The results show that preferential tax policies are positively correlated with the R&D investment of small and medium-sized technology-based enterpris-es,and local fiscal pressure and ownership concentration will weaken the positive impact of preferential tax policies on their R&D investment,while the size of independent directors will enhance such impact.Finally,it puts forward some relevant suggestions from the perspectives of government,enterprises,and society.
Preferential Tax PoliciesSmall and Medium-sized Technology-based EnterprisesR&D InvestmentEmpirical Analysis
万方数据
维普
