Research On The Influence Of New Energy Finance And Taxation Policy And R&D Expenses On The Value Of Listed Company

With the development of China's economy in recent years,the demand for energy is also getting higher and higher,but China's energy country is more coal,less oil and gas,and the demand for oil and natural gas far exceeds domestic oil and natural gas production.In this context,China must develop new energy sources to make up for the gap in domestic energy demand.In 2017,the country's new energy generation reached 333.3 billion kWh,and its share of total power generation increased from 5.2% last year to 6.8%.Because of the strategic prospects of the new energy industry,its development will have a major impact on China's future energy supply and structure.Therefore,the government must introduce corresponding new energy policies to guide and support its healthy development.In view of factors such as policy support and data acquisition,this paper mainly studies the impact of fiscal and taxation policies in the new energy policy on the value of new energy companies.Due to the current impact of new energy policies on enterprise value,the research on the impact of new energy policies on the value of new energy enterprises through R&D investment is still vacant.This paper uses the literature research method to sort out the research results of domestic and foreign scholars,and then analyzes the current situation of the development of new energy industry and policy subsidies by combining with the actual situation.Combined with externality theory,government intervention theory,signal transmission theory and other theoretical analysis has a general understanding of the research problem.With the listed companies of new energy from 2011 to 2017 as samples,the generalized moments estimation model(GMM)was used for empirical study,using a fixed effect model to match the results.By introducing the direct subsidy and the secondary and tertiary items of tax incentives in the empirical study,the relationship between direct subsidies,indirect subsidies and corporate value is studied.The empirical results show that at the 90% confidence level,the direct subsidies and indirect tax rebates of the government have an inverted N-type effect on the value of enterprises.Direct subsidies and preferential tax policies can effectively increase the value of new energy enterprises within a certain range,and the effect of indirect subsidies on the value of enterprises is broader.At the same time,we introduced the interaction of direct/indirect subsidies and R&D in the empirical study,and study the interaction of direct/indirect subsidies and R&D into the value of the enterprise.The empirical results show that at the 90% confidence level,the interaction coefficient is positive,so the increase of direct subsidies and indirect subsidies,will raise the marginal effect of R&D input,in other words,the increase of new energy fiscal and tax subsidies and R&D investment can enhance the value of new energy enterprises,and the interaction between indirect subsidies and R&D investment is stronger.Through the empirical research on the relationship between the enterprise value,new energy policy and R&D input cost of China's new energy listed companies,it helps the government to better measure the implementation and scope of direct subsidies and indirect subsidies,according to subsidies and R&D.The interaction between the government,the government can also weigh the amount of subsidies to the company according to the company's investment in research and development.Therefore,the results of this study can provide some reference for the use of policy tools to avoid blind subsidies.It is hoped that through research,we can make a small contribution to the development of new energy industry and the implementation of policies.