Tax Incentives and Dynamic Adjustment of Investment in Research and Development
Su Lizhong1, Zhang Runda1, Wang Jingyu2, Zhang Yingying1
1. School of Business,Beijing Technology and Business University,Beijing 100048,China; 2. School of Accounting,Central University of Finance and Economics,Beijing 100081,China
Abstract：By constructing a dynamic adjustment model of R&D investment,this paper describes the adjustment process of R&D investment in terms of adjustment speed and deviation degree,and investigates the effect of tax incentives on the adjustment process.The results show the followings.① The average adjustment speed of R&D investment is 0.5612,and the average deviation degree of R&D investment is 0.052.② Tax incentives can accelerate the adjustment speed of R&D investment and reduce the deviation degree of R&D investment.Each increase of 1 percentage point of tax incentives will increase the adjustment speed of R&D investment by 0.307 percentage points and decrease the deviation degree of R&D investment by 0.103 percentage points.③Tax incentives promote the dynamic adjustment of R&D investment in non-state-owned enterprises,enterprises in eastern China,high-tech enterprises and growing enterprises.④ Further research shows that enterprises with higher intensity of tax incentives have a faster speed of adjustment,and the effect path of tax incentives on the dynamic adjustment of R&D investment is that it reduces the adjustment cost of R&D and increases the flexibility of enterprise R&D investment.
粟立钟, 张润达, 王靖宇, 张莹莹. 税收优惠与研发投资动态调整[J]. 中国科技论坛, 2022(6): 155-164.
Su Lizhong, Zhang Runda, Wang Jingyu, Zhang Yingying. Tax Incentives and Dynamic Adjustment of Investment in Research and Development. , 2022(6): 155-164.
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