The Impact of Tax Incentives on the Intensity of Firm’s R&D Investment

Under the innovation-driven development strategy, this study employs data from A-share listed companies during the period 2012–2023 to empirically examine the impact of tax incentives on the intensity of corporate R&D investment. The findings reveal that tax incentives significantly enhance R&D investment intensity, with the effect being more pronounced in large-scale enterprises, mature-stage firms, and enterprises facing high financing constraints. Mechanism analysis indicates that tax incentives promote R&D investment primarily by alleviating financing constraints. These results confirm that tax incentives can substantially reduce financial pressure on enterprises, thereby effectively stimulating R&D activities. Based on these findings, this study recommends establishing a “three-dimensional targeted” incentive framework tailored to firms’ size, life cycle stage, and financing capacity, so as to maximize the supportive role of tax policy in fostering innovation activities.