Research Article
Empirical Study on the Influence of Tax Incentives, Research and Development Investment on Enterprise Value
@INPROCEEDINGS{10.4108/eai.2-12-2022.2328720, author={Yu Zhang and Shuting Wu}, title={Empirical Study on the Influence of Tax Incentives, Research and Development Investment on Enterprise Value}, proceedings={Proceedings of the 3rd International Conference on Big Data Economy and Information Management, BDEIM 2022, December 2-3, 2022, Zhengzhou, China}, publisher={EAI}, proceedings_a={BDEIM}, year={2023}, month={6}, keywords={multiple regression analysis; correlation analysis; tax rebates; technological innovation}, doi={10.4108/eai.2-12-2022.2328720} }- Yu Zhang
Shuting Wu
Year: 2023
Empirical Study on the Influence of Tax Incentives, Research and Development Investment on Enterprise Value
BDEIM
EAI
DOI: 10.4108/eai.2-12-2022.2328720
Abstract
China has implemented the innovation-driven development strategy through preferential tax policies to encourage enterprises to carry out research and innovation and thus enhance enterprise value. This paper takes 336 GEM listed companies from 2010 to 2021 as the research sample, and uses Stata15 software to construct multiple regression models to empirically test whether tax incentives and R&D investment affect enterprise value. The empirical results show that tax incentives are positively correlated with R&D investment. R&D investment has a positive incentive effect and plays a strong regulating role on enterprise value, in the meanwhile, it has three periods of lag. Further research shows that the more tax incentives enterprises enjoy, the more obvious is the moderating effect of R&D investment on enterprise value. It is suggested that the government give more tax incentives to GEM listed enterprises, give tax rebates and reduce the tax burden at the same time, in or-der to better play the incentive effect of tax incentives on R&D investment. Meanwhile, the government should subsidize R&D funds and provide preferential interest rates on loans for R&D activities, to improve their technological innovation ability and enterprise value.
