Evaluation And Analysis Of Fiscal And Tax Policies Of Clean Energy Industry In China

The importance of clean energy industry to China’s economic development has become increasingly prominent.Firstly,this paper compares the development of clean energy industry in China with that in the United States,Germany and Japan,and finds that although the development of clean energy industry in China is relatively rapid,it is still in the early stage of industrial development,which requires the support and development of a series of policies formulated by the state.In view of this,how to formulate fiscal and taxation policies suitable for the development of clean energy industry in China becomes a problem.It is a hot issue in academic field.Secondly,by comparing the fiscal and taxation policies of clean energy industry between China,America,Germany and Japan,it is found that the fiscal and taxation policies of clean energy industry in China are mainly focused on the technical research and development of clean energy industry and the support of key equipment,while the technical research and development and key equipment need to spend a large amount of money,and the development cycle of clean energy industry is longer,and the continuous support of the state is still needed.Thirdly,considering that most of the existing studies focus on qualitative research,this paper establishes a panel data model for quantitative analysis based on the operating data of listed companies in solar power industry,wind power industry and hydropower industry in China from 2011 to 2017.The panel data model takes enterprise power generation as the explanatory variable and government subsidies as the key explanatory variable.Generalized Method of Moments(GMM)and Ordinary Least Squares(OLS)were used to evaluate the effect of fiscal and taxation policies on clean energy industry in China.Government fiscal and taxation policies have a significant role in promoting the increase of power generation in enterprises.Comparing the regression results of three industries:solar power generation,wind power generation and hydroelectric power generation,it can be seen that the fiscal and taxation policies promote the power generation industry from large to small in order:solar power generation industry,wind power generation industry and hydroelectric power industry;when the government subsidies have an effect on the power generation of enterprises,the economic benefits of enterprises will also have an impact in the process of their role,when they join the enterprise management.As an evaluation criterion,the impact of government fiscal and taxation policies on the power generation of enterprises in different industries is similar to the empirical results without considering the economic benefits of enterprises.At this time,fiscal and taxation policies have a weak effect on the promotion of solar power industry,a strong incentive effect on the hydropower industry,and the strongest incentive effect on the wind power industry.Finally,based on the evaluation results,from the perspective of policy makers,this paper proposes that the government should constantly improve the existing fiscal subsidy policies,constantly adjust the relevant tax policies,and formulate policy recommendations such as VAT and income tax specifically for the clean energy industry to promote the development of the clean energy industry.