Abstract: The existing literature lacks the attention to the interaction between different R&D tax preferential policies from the perspective of consistency of policy mix. Based on the negative binomial regression model, this paper focuses on the moderating effect between R&D cost additional deduction policy and high-tech tax incentives policy to analyze the consistency between them by using the micro-data of high-tech enterprises. Our empirical findings support the following: when considering the effects of the two policies separately, R&D cost additional deduction policy and high-tech tax incentives policy both have positive incentive effects on capital input, personnel input and output of R&D activities. Moreover, the effect of R&D cost additional deduction policy is better. However, when considering the impact of the policy mix on R&D activities, R&D cost additional deduction policy and high-tech tax incentives policy both have a negative moderating effect on the R&D input and output. That is to say, the two policies will interfere with each other in stimulating the input and output of R&D activities, and the consistency of policy mix is weak, resulting in the loss of policy incentive effect. The results of this study can provide policy enlightenment for improving the effectiveness and accuracy of R&D incentive policies in China.

Key words: R&D cost additional deduction policy, high-tech tax incentives policy, consistency of policy mix, R&D input and output