Study On The Impact Of Fiscal Subsidies On The Development Of New-energy Automobile Industry

In face of the global environment stress and the adjustment of industrial structure of China,the strategic emerging industries have become the key of the current national economic development.As one of the strategic emerging industries,the new-energy automobile industry complies with the realistic requirements of energy conservation and environment protection,and is the inevitable choice for the sustainable development of automobile industry.The industrial development needs the fiscal support from government.Among the fiscal instruments,the subsidies are theoretical and realistic,and are widely adopted by various countries in the world to promote the development of new-energy automobile industry.The development of new-energy automobile industry mainly includes the technology research and marketing development.Technology research is the precondition of industrial development,and the finished automobile or components and parts all need the advanced technology to be the support.The technology is transformed into the products and the products can be sold out,which are the ultimate goals.Therefore market development is an important part of the development of new-energy automobile industry.The new-energy automobile industry now is still at the initial stage of development.Due to the high cost that puts into the technology research,marketing development is in trouble without the support of policies.Therefore,the fiscal subsidies from government comes into play through the impact of technology research and marketing development.This paper studies the impact of fiscal subsidies on the development of new-energy automobile industry mainly by theoretical analysis,status analysis and empirical analysis,and analyzes the impact of fiscal subsidies on the technology research and marketing development of new-energy automobile industry.Firstly,the theoretical analysis.The fiscal subsidies not only have the income effect and substitution effect,but also have the excitation effect and the crowding-out effect.The different impacts of fiscal subsidies on industrial development are carried out through the roles of different effects.From the analysis of externality and information asymmetry theory,we can know that the new-energy automobile industry not only has the positive externality of technology and environment,and but also has the characteristics of information asymmetry.Fiscal subsidies can make up for the loss caused by externality,increase product supply,deliver the signal to external investors and introduce external capital.However,whether to subsidize the producer or consumer,the nominal subsidy is different from the actual subsidy,which depends on the elasticity of demand and supply.Secondly,status analysis.This paper mainly analyzes the fiscal subsidies of the new-energy automobile industry from two angles.If the development course of fiscal subsidies for new-energy automobile industry is analyzed vertically,its development course can be divided into the start-up stage,the promotion stage and the perfect stage.In different stages,the purposes of fiscal subsidies are different.The paper horizontally analyzes the present situation of fiscal subsidies of new-energy automobile industry.In the R&D link,under the support of fiscal subsidies,the core technology of finished automobile and components and parts has made considerable progress,and some technologies are among the best in the world.In the link of marketing,under the support of fiscal subsidies,the output and sales volume of newenergy automobile generally is on the rise.when the policy changes,the amplification of output and sales volume also changes accordingly.Because the theoretical analysis and status analysis are not comprehensive,the impact of fiscal subsidies needs to be further analyzed empirically.Thirdly,empirical analysis.On the basis of theoretical analysis and status analysis,this paper constructs empirical models of the impact of fiscal subsidies on the development of new-energy automobile industry.Because the disclosure of industrial data is incomplete,and the domestic and foreign researches are used for reference,this paper uses the micro-data of listed companies to analyze the impact of fiscal subsidies on the new-energy automobile industry from the technological innovation and the operation performance.Based on the theoretical analysis,status analysis and empirical analysis,this paper studies the impact of fiscal subsidies on the development of new-energy automobile industry.It is found that the fiscal subsidies have the excitation effect and the crowding-out effect on the development of new-energy automobile industry.Therefore,the paper provides the policy suggestions on the fiscal subsidies of new-energy automobile industry of China from subsidy threshold,subsidy structure and subsidy supervision.