税收优惠与研发投资动态调整

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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.

Key words： Tax incentive R&D investment Dynamic adjustment Adjustment speed Deviation degree

Received: 01 September 2021

PACS:

F276.6

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	Articles by authors
	Su Lizhong
	Zhang Runda
	Wang Jingyu
	Zhang Yingying

Cite this article:

Su Lizhong,Zhang Runda,Wang Jingyu, et al. Tax Incentives and Dynamic Adjustment of Investment in Research and Development[J]. , 2022, 3(6): 155-164.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2022/V3/I6/155

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