Research On The Impact Of Fiscal And Tax Policies On R&D Investment Of New Energy Automobile Companies

Environmental pollution and energy consumption are two major problems facing contemporary human society.Traditional fuel vehicles use fossil fuel combustion as a source of power,which puts tremendous pressure on resources and the environment.New energy vehicles adopt pure electric or semi-electric systems,which have the unique advantages of low energy consumption and low pollution.Our country is also vigorously developing the new energy automobile industry,but the current development of our country’s new energy automobile industry is still in its infancy.Problems such as high costs,high prices,and imperfect supporting facilities have led to a lack of application and promotion.The root cause of these problems is that the technology of the new energy automobile industry is not mature enough.Generally speaking,technological progress is the key to a kind of industry’s breakthrough progress.The development and growth of the new energy automobile industry depends on the breakthrough and innovation of core technologies such as power batteries systems.The technological innovation of enterprises is led by R&D investment.Since R&D activities are technological innovation activities with higher risks and uncertainties,and strong positive externalities,they can bring certain social marginal benefits.However,for companies,the benefits of R&D investment may be difficult to make up for the huge R&D costs.Therefore,the Chinese government has issued a series of fiscal and tax policies to encourage new energy vehicle companies to carry out technological innovation activities,share the company’s R&D costs by means of financial subsidies and tax incentives,and increase R&D revenue to encourage companies to increase R&D investment.Financial subsidies and tax incentives have different effects on R&D investment due to their own characteristics and different mechanisms.This article aims to increase the R&D investment of new energy automobile companies,explores the mechanism and incentive effects of fiscal subsidies and tax incentives on R&D investment from both theoretical and empirical perspectives,analyzes the different effects of the two policies,and considers the deficiencies of the policy mechanism,put forward corresponding improvement suggestions.The first part of this article is the introduction,and then combs and reviews the current literature on the impact of fiscal and taxation policies on corporate R&D.On this basis,analyze the impact of fiscal and tax support policies on the R&D investment of new energy car companies from the perspective of economic principles and policy characteristics.Input transmission mechanism,followed by an empirical analysis of the impact of fiscal and taxation policies on R&D investment.Due to the existence of technological innovation and uncertainty,externalities and market failures,government functions determine that the government needs to intervene in the new energy automobile industry.Theoretical analysis shows that financial subsidies and tax incentives can increase the enthusiasm of enterprises’ R&D investment.Then,in the process of empirical analysis,combining previous experience,selecting appropriate variables,specifically analyzing the data of 53 new energy vehicle companies from 2010 to 2019,and exploring the impact of financial subsidies and tax incentives on the R&D investment of new energy vehicle companies Incentive effect,and whether there is a mediating effect in the mediating variables.It is concluded that for the R&D investment of new energy automobile companies,fiscal subsidies and tax incentives can play a certain incentive role;compared with tax incentives,the incentive effect of fiscal subsidies is more significant;but in general,the incentive effects of both Relatively weak,the regression coefficients are all relatively small;the intermediary variable cash-to-asset ratio has a partial intermediary effect in the relationship between fiscal subsidies and R&D investment,and a complete intermediary effect in the relationship between tax incentives and R&D investment.According to the research conclusions of this article,combined with my country’s national conditions,suggestions on improving my country’s fiscal and taxation support policies in related fields are proposed,in order to better encourage new energy automobile companies to expand R&D investment,thereby promoting breakthroughs in the entire industry.