加计扣除政策的强化能否推动制造业智能化转型？——基于研发投入中介效应分析

选取2018—2021年的沪市A股上市制造业企业的面板数据作为样本，实证检验研发费用加计扣除政策强化、研发投入的增加对制造业企业智能化转型升级的影响。结果显示：研发费用加计扣除政策的强化促进了研发投入的增加，进而推动制造业企业智能化转型；加计扣除政策的强化对制造业智能化转型是完全通过研发投入的增加来实现的，研发投入起到完全中介作用。通过进一步研究发现，研发费用加计扣除优惠政策对装备制造业和省会及副省级城市制造业企业激励效果更为显著，更能推动其实现智能化转型升级。

Can the Reinforcement of Additional Deductions Policy Promote the Intelligent Transformation of the Manufacturing Industry?: Analysis of the Intermediary Effect of R&D Investment

By selecting panel data of manufacturing enterprises listed on the Shanghai A-share market from 2018 to 2021 as samples for analysis and research, the impact of strengthened R&D expense deduction policies and increased R&D investment on the intelligent transformation and upgrading of manufacturing enterprises was empirically tested. The results show that the strengthening of the policy of adding and deducting R&D expenses has promoted an increase in R&D investment, thereby promoting the intelligent transformation of manufacturing enterprises. The strengthening of the policy of adding and deducting R&D expenses completely achieves the intelligent transformation of manufacturing industry through the increase of R&D investment, and R&D investment plays a complete intermediary role. Through further research, it is found that the preferential policy of deducting R&D expenses has a more significant incentive effect on equipment manufacturing enterprises and manufacturing enterprises in provincial and sub provincial cities, which further promotes their intelligent transformation and upgrading.