Evaluation And Optimization Countermeasures Of Fiscal Policy Effects To Promote The Development Of New Energy Vehicle Industry

The automobile industry is an indispensable and important component of the national economy.Under the new economic normal,the automobile industry has become an important pillar industry for China to become a "manufacturing power".However,the global automotive industry is facing increasing carbon emissions,excessive energy consumption,and environmental pollution caused by exhaust emissions.In the context of the "dual carbon" goal,"energy conservation,consumption reduction,and environmental protection" is the theme of today’s social development.Due to the natural characteristics of energy conservation and environmental protection,new energy vehicles will inevitably become the development trend and direction of the future automotive industry.As one of the seven strategic emerging industries,new energy vehicles have become a national strategy.The rapid rise of China’s new energy vehicle industry in its early stages of development is largely due to intensive support policies.As an important component of the development policy for new energy vehicles,the role of fiscal policy in industrial development has received much attention.In the early stages of the development of China’s new energy vehicle industry,a series of fiscal subsidies and tax relief policies have been introduced in succession,and corresponding adjustments will be made to fiscal policies according to different stages of industrial development,including from the earliest promotion subsidies and research and development subsidies to the later "double point" policy.After more than ten years of development,China has become one of the world’s largest producers and consumers of new energy vehicles.In 2009,with the popularization and expansion of the new energy vehicle market,the state timely adjusted relevant fiscal policies based on the development of the new energy vehicle industry,and played a key role in the promotion and technological innovation of the new energy vehicle market.However,the overly extensive subsidy distribution management also encountered problems such as "fraudulent compensation" and local protection,which to some extent also hindered the healthy development of the new energy vehicle industry.In the past,the Chinese government focused its efforts on supporting the new energy vehicle industry mainly on demand side policies,while the policy support for supply side aspects(including new energy vehicle supporting infrastructure construction,research and development subsidies,etc.)was relatively small.The main measures of the demand side policy include promoting subsidies for private purchases of new energy vehicles,exemption from vehicle purchase taxes,and so on.The promotion subsidy policy was proposed in 2010 and officially terminated at the end of 2022;the vehicle purchase tax exemption policy has been implemented since it was proposed in 2014.As the two policies mentioned above mainly affect consumers and new energy vehicle enterprises(i.e.,complete vehicle enterprises),the research content of this article is mainly aimed at conducting a certain review of previous fiscal policies,analyzing whether relevant fiscal policies have actually solved the main points of the new energy vehicle industry,and evaluating the impact of current fiscal policies on the production,operation,and innovation activities of new energy vehicle enterprises,Identify issues related to fiscal policies and propose optimization measures to provide reference for the design of next fiscal policies.Based on the above background,this article uses a dual difference model approach to attempt to verify the following three types of issues:(1)the implementation effects and policy characteristics of the new energy vehicle promotion subsidy policy and the vehicle purchase tax exemption policy,That is,the impact of the new energy vehicle promotion subsidy policy and the vehicle purchase tax exemption policy on the production and operation activities(including main business income,capital investment,labor investment)and innovation activities(i.e.,technology research and development)of new energy vehicle enterprises,respectively.(2)The impact of the decline in the subsidy policy for new energy vehicles on new energy vehicle enterprises is to divide the policy into several stages according to time development,and study the changes of policies in each stage on the production,operation,and innovation activities of new energy vehicle enterprises.(3)The impact of the new energy vehicle promotion subsidy policy and the vehicle purchase tax exemption policy on enterprises of different sizes and ownership systems,respectively.Based on the empirical analysis results,this article draws the following conclusions for the above three types of issues:1.The promotion of subsidy policies and vehicle purchase tax exemption policies have not effectively promoted the production and operation activities of new energy vehicle enterprises.From the perspective of regression results,the two policies have not had an impact on the main business income and capital of new energy vehicle enterprises,which is more consistent with the actual situation of the development of China’s new energy vehicle industry.China’s new energy vehicle industry policy has not been well promoted in the early stage,consumers have low enthusiasm to purchase new energy vehicles,the consumer market is not good,and new energy vehicle companies have insufficient confidence in the development prospects of the new energy vehicle industry,and have not conducted long-term layout in the new energy vehicle field.In addition,although both policies have increased the labor input of new energy vehicle enterprises,the promotion subsidy policy has a more significant impact on new energy vehicle enterprises,mainly due to significant differences in the impact mechanisms within the two policies.2.Both the promotion subsidy policy and the vehicle purchase tax exemption policy effectively promote the innovative activities of new energy vehicle enterprises.From the regression results,both policies can increase the number of patent applications for new energy vehicle enterprises,which is due to the fact that both policies have certain policy entry thresholds.The models produced by new energy vehicle enterprises need to meet relevant technical indicators to be included in the corresponding list,thereby obtaining subsidies or enjoying tax benefits.3.Under the retrograding mechanism of the promotion subsidy policy,the promotion of the policy on the production,operation and innovation activities of new energy vehicle enterprises may gradually change.For the production and operation activities of enterprises,from the perspective of regression results,in the first policy implementation stage(2010-2012),the policy did not have a significant positive impact on main business income and capital,but the increase in main business income and capital investment was significantly higher than in the subsequent stages.At the same time,new energy vehicle enterprises will increase their investment in labor factors after the promotion of subsidy policies.In the second policy implementation stage(2013-2015)and the third policy implementation stage(2016-2019),as the subsidy policy for the promotion of new energy vehicles begins to decline,the impact on the main business income and capital investment of new energy vehicle enterprises may weaken,or even not have a significant impact.However,as long as the promotion and subsidy policies continue to be implemented,enterprises will still respond in the short term by increasing labor.For enterprise innovation activities,the impact of the decline in the subsidy policy for the promotion of new energy vehicles on patent applications may be slightly delayed,and when the policy declines,the enterprise will still maintain its original patent application growth rate to address the increasingly strict policy access threshold,but will not suddenly increase the number of patent applications.4.The promotion subsidy policy and the vehicle purchase tax exemption policy have a significant impact on the production,operation and innovation activities of large-scale enterprises.From the regression results,the two policies did not have an impact on the main business income of the two types of enterprises,but in terms of capital investment,labor investment,and the number of patent applications,the promotion subsidy policy and the vehicle purchase tax exemption policy had a significant positive impact on large-scale enterprises.5.There is a significant difference in the impact of the promotion subsidy policy on the production,operation,and innovation activities of state-owned and non-state enterprises,while there is no significant difference in the impact of the vehicle purchase tax exemption policy on the related activities of the two types of enterprises.Among them,the promotion subsidy policy has a greater impact on the capital investment of non-state owned enterprises;the promotion subsidy policy has a greater impact on the innovation activities of state-owned enterprises.