An Empirical Study On Preferential Policies For Vehicle Purchase Tax Of Listed Companies In The New Energy Vehicle Industry

New energy vehicle is a strategic industry in China,and it will become a key area to gain the new competitive advantages in the future.Because of the “thumb of lift”,companies do not want to suffer much higher risk for innovation,which have a bad limitation on these companies’ investment on innovation performance.In in order to promote the strategic transformation of transportation energy and sustainable development,in 2014,the Ministry of Finance and other 3 ministries jointly issued an announcement of exemption the new energy vehicle purchase tax.This policy stimulated consumers to purchase new energy vehicles and supported the development of new energy vehicle industry.Then it had an indirectly impact on the innovation performance of new energy vehicle manufacturers.First,a basic understand of the car purchasing tax and the innovation performance have been showed.Then,it analyzes the data of new energy vehicle listed companies in 2011-2017 by using multiple linear regression from the income effect theory,market-oriented response theory and substitution effect theory.In addition,it will draw the following conclusions.First,exemption from new energy vehicle purchase tax can promote the innovation performance of enterprises.Based on the first conclusion,it also finds there is a partial intermediary effect between the R & D investment on the preferential policies for vehicle purchase tax and innovation performance.In addition,it finds R & D intensity can positively regulate the preferential policies for vehicle purchase tax and innovation performance.At last,this paper divided the sample into two parts,which are state owned companies and non state owned companies.The result shows that the preferential policy of exemption from vehicle purchase tax has a stronger effect on the innovation performance of non state owned vehicles companies.Based on the above analysis,the suggestions will be showed.The development of the new energy car industry needs the joint efforts of enterprises,government,other related industries and consumers.The government should formulate the laws the rules in terms of the the fiscal and tax preferential policies and provide much preferential policies for non state owned companies.Enterprises should increase investment in R & D and further improve the level of R & D capability through cultivate the new energy vehicle experts.