The Impact of R&D Innovation Strategy on Labor Productivity in Intelligent Manufacturing Enterprises:evidence from a quasi-natural experiment in China

The policy of additional deduction for R&D expenses( the R&D policy ) incentivizes enterprises to expand R&D investment by virtue of tax incentives. Not only does it consolidate the dominant role of enterprises in scientific and technological innovation, but it also serves to facilitate industrial upgrading. Based on the data of intelligent manufacturing enterprises among Chinese listed companies, this paper empirically examines the impact of the R&D policy on enterprises’ labor productivity. The study finds that the policy significantly improves intelligent manufacturing enterprises’ labor productivity,the conclusion remains valid after a series of robustness tests, including parallel trend test, placebo test, and propensity score matching. The mechanism analysis shows that the policy reduces financing constraints, enhances enterprises’ enthusiasm for R&D, and increases capital investment level, thereby improving corporate labor productivity. Heterogeneity tests indicate that the policy has a more significant effect on enterprises located in eastern and central regions, large-scale, and enterprises in industries with slow technological renewal. This paper verifies the impact and mechanism of the R&D policy on enterprises’ labor productivity and provides Chinese empirical insights for improving intelligent manufacturing enterprises’ labor productivity.