Research On Impact Of Fiscal And Tax Preferential Policy On The Development Of Listed Companies Of China's Semiconductor Lighting Industry

Global ecological environment deterioration and energy shortages have become important issues of concern to all countries.Low-carbon,environment-friendly and sustainable development have become important goals for every country's economic and social target.The energy saving and environment-friendly feature of LED makes it an industry that conforms to the laws of social development.Today,China has become the world's largest producer,consumer and exporter of semiconductor lighting products.The development of the semiconductor lighting industry has also become a hot spot for national governments.As an important way for the government to promote industrial development,fiscal and taxation policy can play a role in all stages of industrial development and provide support for the semiconductor lighting industry that currently faces many challenges.However,the effect of fiscal and tax preferential policies on industrial development is not static.Some scholars have pointed out that fiscal and tax incentives have different incentives for industrial development and excessive government subsidies will not be conducive to the development of the industry,and in different business situations,the incentive effect of preferential policies is not the same.So what is the incentive effect of the current fiscal and tax preferential policies on the semiconductor lighting industry?Based on this,this paper studies 27 listed semiconductor lighting companies.It aims to discover the current role of fiscal and taxation policies in the semiconductor lighting industry and make recommendations in light of the actual development of the industry.The research ideas in this paper are as follows.First,through the literature reading,this paper clarified the principle how fiscal and taxation policies influence industrial development and presented the summary.Second,this paper reviewed the current status of the semiconductor lighting industry and related fiscal and taxation policies combining field visits to seven semiconductor lighting companies and descriptive statistical analysis of listed companies in semiconductor lighting to find out the development of the semiconductor lighting industry and the role of fiscal and taxation policies in the industry.Then,it used the data of the 27 listed companies 2012-2017 to build the panel regression model to analyze the effect of fiscal and tax incentives on the development of semiconductor lighting listed companies.Then it used the threshold regression model to describe the non-linear relationship between government subsidies and main business income and the impact of government subsidies on business development in different corporate environments.At the same time,time dummy variables were introduced to study whether the implementation of the reform policy has reduced the corporate tax burden and promoted the development of enterprises.Finally,based on the empirical results and combined with the actual status of the semiconductor lighting industry,this paper presented proposals.The conclusions are as follows.First,the scale of the semiconductor lighting industry is gradually expanding so is the state's support for the semiconductor lighting industry and upstream enterprises are given stronger financial and tax incentives than middle and downstream enterprises.Second,tax rebates show a positive linear relationship with the development of semiconductor lighting listed companies,while government subsidies show a non-linear relationship and the effect of tax rebates on corporate development is stronger than government subsidies.Third,it is not that the more subsidies the government gives to enterprises,the more favorable it is for the development of enterprises.When the semiconductor subsidy for semiconductor lighting exceeds the threshold,the incentive effect of government subsidies will be greatly reduced.Fourth,in terms of companies of different sizes,when the size of the enterprise exceeds the threshold,government subsidies have an incentive effect on the larger-scale enterprises and an inhibiting effect on smaller-scale enterprises.Fifth,the enforcement of the value-added tax has achieved its goals and this policy has contributed to the development of semiconductor lighting companies.According to the results of empirical analysis and taking the development of the semiconductor lighting industry,this paper put forward policy recommendations in terms of the enforcement status of fiscal and tax policy,the perfection of policies and the developing attributes of semi-conductor lighting industry.