Abstract:Is it possible for the visible hand of government to improve the comprehensive utilization of resources and guide the innovation of resource input through tax incentives? Based on the new growth theory and resource-based theory, this paper takes the A-share listed companies in China from 2008 to 2015 as the sample, by examining the impact of the actual tax rate on R & D investment and cost stickiness, revealing the resource allocation effect of tax preference, taking the ownership property as moderator and cost stickiness as mediating variables. It finds that tax preference has a positive effect on R & D investment. Cost stickiness contributes to enhancing the R & D investment, which mediates on the relationship. The ownership property moderates this relationship through cost stickiness. This result provides a theoretical basis and useful reference for the study of resource allocation effect of tax preference.