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| Motivation and Solution Strategy of Unbalanced R&D Structure of Chinese Enterprises at Present Stage |
| Jiang An1,Huang Huidan2,Wu Songbin2 |
| (1.School of Marxism,Shenzhen University; 2.School of Economics,Shenzhen University,Shenzhen 518060,China) |
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Abstract How to alleviate the imbalance of enterprise R&D structure is a hot issue of academic concern.For the first time,this paper applies the Markowitz portfolio model to different R&D risk investments.The theory reveals the current imbalance of the R&D structure of Chinese enterprises and the reasons for the imbalance.The government's R&D tax support has a strong tax reduction effect on the experimental development with less risk,while it has insufficient tax reduction effect on the basic research with higher risk.The government's "one size fits all" R&D tax support policy restrains the optimization of enterprise R&D structure.The analysis of regional heterogeneity shows that the R&D plus deduction policy is beneficial to optimize the R&D structure of enterprises,while the 15% tax rate preference of high-tech enterprises aggravates the imbalance of R&D structure of enterprises to a certain extent.This paper emphasizes that in the implementation of innovation driven economy high-quality development strategy,the government should implement different levels of financial and tax support for R&D expenditure according to the risk of R&D expenditure,indirectly improve the yield of R&D expenditure with high risk,and change the mismatch of risk and income of enterprise R&D expenditure.
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Received: 27 September 2020
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