Research On The Impact Of Financial Subsidies And Tax Incentives On R＆D Investment In The New Energy Vehicle Industry

In recent years,with the rapid growth of my country’s economy,automobiles are no longer exclusive to wealthy people,and gradually enter thousands of households.However,the substantial increase in automobile consumption has also brought a lot to environmental protection and the use of fossil fuels.pressure.In this context,in order to promote the transformation and upgrading of the automobile industry,the country has gradually turned its attention to the emerging industry of new energy vehicle manufacturing.For a new type of new energy vehicle manufacturing enterprise,R＆D investment is the top priority of enterprise development,and it is directly related to the lifeblood of enterprise survival.At the same time,after observing the experience of some developed countries in developing this industry,it can be seen that government support,especially policy and financial support,plays a decisive role in the R＆D and innovation of the industry and the high-quality development of the industry.effect.The two policies of financial subsidies and tax incentives can be used in the whole process of new energy vehicle research and development and production.However,after the "Subsidy Fraud" incidents of some new energy vehicle companies were exposed,Volkswagen generally believed that the financial subsidy policy for new energy vehicle companies was inefficient,and with the document "Notice on the Promotion and Application of Financial Subsidy Policies for New Energy Vehicles in 2022" introduced in 2021,it is a foregone conclusion that the financial subsidies for new energy vehicles will gradually decline,and tax incentives will become the wind vane for the adjustment of the new energy vehicle market in the future.In this context,this thesis will analyze the following questions: What impact do financial subsidies and tax incentives have on the R＆D investment of new energy vehicle companies? How are the policy effects of the two different,and how are they different for different types of enterprises? Are there certain complementary effects between fiscal and taxation preferential policies? How can the market-regulating role of tax incentives be brought into play after the gradual decline of fiscal subsidies?The research idea of this thesis is as follows.Firstly,it analyzes the related concepts of new energy vehicles and the economic theoretical basis and action mechanism of fiscal and taxation policies on enterprise R＆D activities,and puts forward relevant assumptions.Secondly,it summarizes and sorts out the fiscal and tax policies issued by my country for new energy vehicle enterprises at this stage,and analyzes the problems existing in the existing fiscal and tax policies.Briefly explain.Then use the collected data of 308 new energy vehicle listed companies from 2009 to 2020 to build a model.The propensity score matching model is used to analyze the effects of financial subsidies,tax incentives and financial combination,and the differences in the R＆D investment of enterprises are compared and analyzed.Threshold regression model is used to explain the threshold effect between fiscal and taxation policy tools and the difference in the impact of fiscal and taxation preferential policies on enterprise R＆D investment under different enterprise scales.At the same time,on the basis of the abovementioned full sample research,listed new energy vehicle enterprises are divided into stateowned,non-state-owned,upstream,midstream and downstream enterprises,and the impact of preferential fiscal and taxation policies on R＆D investment of different types of enterprises is studied.Finally,recommendations are made based on the empirical results.The research results show that: first,since the fiscal and taxation preferential policies were fully rolled out in 2009,my country’s new energy vehicle industry has developed rapidly,the R＆D investment intensity of enterprises has steadily increased,and the tax rebate received is significantly higher than the government subsidy value.The number of preferential companies has risen year after year,and in 2019 it exceeded the number of companies receiving government financial subsidies.Second,financial subsidies and tax incentives can play a positive role in stimulating the R＆D investment of new energy vehicle companies,but tax incentives are more effective than financial subsidies.Third,the combined use of fiscal and taxation preferential policies can achieve a better effect than using one of them alone,but the combined use of policies has a certain threshold effect.When the amount of financial subsidies is low,the tax preference has a strong incentive effect,but when the financial subsidy is too high and exceeds a certain threshold,there will be a crowding-out effect of the policy,reducing the effect of tax preference.At the same time,there is also a threshold effect between the size of the enterprise and the effect of the policy.When the enterprise grows to a certain scale,the implementation effect of the preferential tax policy will be better,and the incentive effect on the R＆D investment of new energy vehicle enterprises will be stronger.Fourth,the preferential fiscal and taxation policies have a significant positive incentive effect on the R＆D investment of non-state-owned new energy vehicle enterprises,while the incentive effect on state-owned enterprises is not obvious;the three incentive methods of financial subsidies,tax incentives,and fiscal and taxation combinations can all play a role in upstream enterprises.The incentive effect is obvious;the financial subsidy has a positive incentive effect on the midstream enterprises,and the incentive effect is larger than that of the upstream enterprises;the tax preference has a positive incentive effect on the downstream enterprises.Based on the above conclusions,several policy recommendations are put forward.First,in terms of policy implementation,tax incentives should be the main policy,and financial subsidies should be the auxiliary policy.Second,in terms of policy evaluation,it is necessary to establish a regular and fixed-point evaluation system for policy performance,and dynamically adjust the preferential fiscal and taxation policies to maximize the effect of the policy.Third,in terms of governance objects,differences among enterprises should be considered,and more flexible and targeted preferential policies should be implemented for different objects,so as to avoid the occurrence of a “one-size-fits-all” policy.