The Affecting Mechanism Of Fiscal And Taxation Policies On Investment Efficiency Of Listed Companies In China's New Energy Industry

The energy industry has brought many problems while promoting economic growth.On the one hand,excessive use of conventional energy results in climate warming and ecological destruction.On the other hand,conventional energy such as coal,oil and natural gas are gradually drying up.In this context,as a clean and renewable high-quality energy,new energy bears the heavy responsibility of green and sustainable development of energy.It is also the direction of future energy development and the vigorous development of its industry has become an inevitable trend.In order to support and encourage the long-term development of the new energy industry,Chinese government has issued a large number of supporting policies.As one of the most important methods of macro-economic regulation policy,the fiscal and taxation policy plays an extremely important role.It covers many links of the new energy industry and greatly promotes the development of the new energy industry.However,we should also recognize our fiscal and taxation policies still exist many problems compared with other developed countries.The high cost of the new energy production can not be completely solved.The industry heavily relies on the support of policy and its market mechanism can't play its role.Although the government has invested a lot of money,it is difficult to control the flow direction after the investment.And it is also difficult to control the utilization efficiency of capital.So,do the companies expand at a low level because of the high subsidies? Does the government's preferential policies cause the overcapacity of the industry? These problems often result in inefficient investment and inconsistency between capital injection and income.Therefore,we introduce the investment efficiency as an evaluation criterion of the effectiveness of enterprise resource allocation.This paper mainly explores the relationship between the fiscal and taxation policies of the new energy and the investment efficiency of the new energy listed companies.On the basis of measuring the investment efficiency,we analyzes how the fiscal and taxation policies affect the investment efficiency and how the impact comes ture.In order to achieve the above research objectives,this paper use normative analysis and empirical analysis.Firstly,we expound the concepts of new energy industry and investment efficiency,and introduce how fiscal and taxation policies help the industrydevelop.Secondly,we introduce the status of how new energy industries develop and the investment status of new energy listed companies and the new energy policy.Thirdly,we construct BCC-DEA model to measure and evaluate the investment efficiency,pure technical efficiency and scale efficiency of 44 new energy listed companies from 2010 to 2017.Then,we divide fiscal and taxation policies into two parts: government subsidies and tax preferences.We select 35 companies with complete financial data from the above 44 listed companies of new energy and construct a panel data model of investment efficiency empirical analysis.Finally,we give some suggestions for the above analysis to improve the investment efficiency of new energy enterprises.The results show: 1.The investment efficiency of new energy listed companies is acceptable.Pure technical efficiency continued to be stable at a higher level and scale efficiency fluctuated remarkably.Low investment efficiency is mainly caused by inefficient scale.Most companies are in the stage of scale benefit increasing and they need to expand their production scale.2.Fiscal and taxation policies can promote the investment efficiency.Fiscal and taxation preferences are more likely to increase investment efficiency by improving technological level.3.The government subsidy is uncertain and restrictive.At the same time,it has a lag and often difficult to see significant results in a short period of time.To prepare the effect,preferential tax policy are better.