Preferential tax policy is a major governmental instrument that promotes corporate R&D investment. The new Law of Corporate Income Tax, issued in 2008, together with its related Regulations for Pre-tax Deduction of Corporate R&D Expenses, marks the updated perfection and level of Chinese practice of its preferential tax policy. Based on the survey data of 128 sample enterprises from the central, southern and northern parts of Jiangsu, and by employing the random utility model, this paper makes an empirical study of the incentive effects of contemporary polices of pre-tax deduction of corporate R&D expenses, as well as impacts on corporate R&D investment by other variables. The investigation indicates that the new policy has positively influenced the way corporations make R&D investment, if not to a considerable extent, and that the taxable income has had an effect on R&D intensity, though its positivity is yet to be of any significance. In addition, the return on assets and cash flow claims positive correlations with R&D investment, while the asset-liability ratio and the nature of corporations have negative correlations with R&D intensity, though the capital-intensity does not have a significant impact.
Key words
R&D investment /
tax policy /
effect
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References
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