Research On The Impact Of Fiscal And Tax Preferential Policies On The Investment Efficiency Of Energy Conservation And Environmental Protection Industry

With the continuous development of my country’s economy and the transformation of development methods,the economic growth mode at the expense of natural resources and ecological environment has been gradually replaced by the green economic development mode,striving to achieve healthy and sustainable economic development.Energy conservation and environmental protection industry is one of the seven strategic emerging industries that my country has focused on fostering and developing.Vigorously developing energy conservation and environmental protection industries is an inevitable requirement for transforming economic development methods and optimizing economic structure.During the"13th Five-Year Plan" period,my country proposed to further develop energy conservation and environmental protection The industry intends to cultivate it into a major pillar industry supporting the national economy,and ultimately achieve the strategic goal of green development.Under the guidance of the concept of green development,the government has supported the energy-saving and environmental protection industries with fiscal and taxation policies,trying to make the energy-saving and environmental protection industries form a new economic growth point and effectively improve the resource and environmental conditions.Being efficient has attracted important attention.Therefore,it has become a practical question to what effect the fiscal and tax preferential policies including fiscal subsidies and tax incentives will have on the investment efficiency of energy-saving and environmental protection industries.Energy-saving and environmental protection industries have typical externalities,and market forces alone cannot achieve rapid development of the industry.Therefore,the government’s fiscal and tax incentives for energy-saving and environmental protection industries can play a certain degree of promotion,such as reducing funds for energy-saving and environmental protection enterprises.Pressure,reduce its research and development costs,and promote technological innovation.However,some studies in recent years have shown that government support policies may cause micro-enterprises to blindly expand their scale,and due to the existence of information asymmetry and other issues,their support policies have not effectively achieved the expected effects.Therefore,this paper takes energy-saving and environmental protection listed companies as a research sample,and selects enterprise-level panel data from 2010 to 2018 to conduct an empirical study on the impact of financial subsidies and tax incentives on the investment efficiency of energy-saving and environmental protection industries and the mechanism.This article selects market failure theory,information asymmetry theory,and principal-agent theory as the theoretical basis of this research,and provides a classified overview of existing research,including the measurement of investment efficiency and influencing factors,and the impact of financial subsidies on investment efficiency and taxation.Research on three aspects of preferential influence on investment efficiency.On this basis,this paper makes a detailed theoretical analysis of the relationship between fiscal subsidies,tax incentives and investment efficiency,puts forward the research hypothesis of this article and conducts empirical tests on the research hypothesis.The empirical research mainly includes the measurement of investment efficiency and structural econometrics Model checking has two parts.In terms of the measurement of investment efficiency,this article discards the method of constructing investment expectation models commonly used in existing research,this method can only assess investment efficiency from the two perspectives of "underinvestment" and "overinvestment".Therefore,based on the perspective of input and output,this article selects 5 input indicators and 3 output indicators from the three aspects of material input,human input and capital input,and adopts the comprehensive and systematic DEA-Malmquist method to evaluate enterprises.Investment efficiency,and measures the decomposition index of enterprise investment efficiency,including the technical progress rate,technical efficiency index,pure technical efficiency index,and scale efficiency index to analyze the reasons for changes in investment efficiency.In terms of constructing econometric model testing,this paper selects a dynamic panel model for empirical testing.The empirical results show that:(1)Financial subsidies have significantly inhibited the improvement of the investment efficiency of listed companies in energy conservation and environmental protection.The impact of financial subsidies on investment efficiency specifically includes two aspects:promotion and suppression:financial subsidies promote the improvement of technological progress rate and have a positive effect on the investment efficiency of enterprises;but financial subsidies also reduce the growth rate of pure technical efficiency of energy-saving and environmental protection enterprises.The growth rate of scale efficiency significantly inhibits the growth rate of corporate technical efficiency,which has a negative impact on corporate investment efficiency.On the whole,the negative impact of financial subsidies on investment efficiency is greater than the positive effect it produces.(2)Preferential tax policies have a significant role in promoting the investment efficiency of listed companies in energy conservation and environmental protection.The effect of tax incentives on investment efficiency also includes two aspects:promotion and restraint:on the one hand,tax incentives promote the improvement of the technological progress rate of energy-saving and environmental protection enterprises,and promote the improvement of enterprise investment efficiency;on the other hand,taxation Preferential treatment also has a significant negative impact on the pure technical efficiency growth rate and scale efficiency growth rate of energy-saving and environmental protection enterprises,leading to a decline in the growth rate of corporate technical efficiency and ultimately negatively affecting investment efficiency.However,on the whole,the negative effects caused by tax incentives are less than the positive effects caused by them.(3)The impact of financial subsidies and tax incentives on the investment efficiency of listed companies in energy conservation and environmental protection is significantly different.The effect of fiscal subsidies on the rate of technological progress is significantly greater than the incentive effect of tax incentives.However,the inhibitory effect of tax incentives on the growth rate of pure technical efficiency and scale efficiency is significantly less than that caused by fiscal subsidies.The effect of tax incentives on corporate technical efficiency The negative effects of growth are even smaller.On the whole,the effect of preferential tax policies on corporate investment efficiency is significantly better than fiscal subsidy policies.(4)The impact of financial subsidies and tax incentives on investment efficiency is significantly different under the background of property rights heterogeneity.The specific performance is as follows:financial subsidies have a significant inhibitory effect on the investment efficiency of state-owned enterprises and non-state-owned enterprises,but the inhibitory effect of financial subsidies on the investment efficiency of state-owned enterprises is significantly greater than its inhibitory effect on the investment efficiency of non-state-owned enterprises.Tax incentives have also promoted the investment efficiency of both,but the tax incentives have a better effect on the investment efficiency of non-state-owned enterprises.The innovations of this article are:(1)Using the DEA-Malmquist index method to measure enterprise-level investment efficiency and its decomposition indicators from the perspective of input and output,starting from investment efficiency,it deeply analyzes the impact of fiscal and tax preferential policies on the investment efficiency of energy-saving and environmental protection industries.At the same time,it reveals the micro mechanism of the impact of relevant influencing factors on investment efficiency,and enriches the theory that fiscal and tax preferential policies affect enterprise investment efficiency.(2)Based on the industry’s internal perspective,this article puts fiscal subsidies and tax incentives under a unified framework,compares and analyzes the differences in the effects of the two on corporate investment behavior,and expands the differences in their impact on corporate investment efficiency and their reasons And other aspects of research.