Research On The Impact Of Fiscal And Taxation Policies On The Business Performance Of Enterprises In The New Energy Vehicle Industry Chain

Restricted by environmental and energy issues,countries around the world are committed to cultivating and developing the new energy automobile industry,and it has become a general trend to promote the transformation and upgrading of the automobile industry through the support of fiscal and tax policies.Fiscal and taxation policies are the main means for the government to support the development of emerging industries.Its incentive effect on the development of the new energy vehicle industry is also a hotspot in academic research and has important guiding significance for the adjustment of subsequent industrial policies.This article innovatively introduces the perspective of the industry chain,focusing on the important role of batteries and other key components in the development of the industry,splitting 107 listed companies with the concept of A-share new energy vehicles into batteries and battery materials,and other equipment such as electrical and electronic control of motors And 3 sub-sectors of new energy vehicle manufacturing.And on the basis of profitability,debt servicing and operating capacity as the financial performance indicators of corporate performance,the introduction of innovative capabilities as innovative indicators to comprehensively evaluate the company's operating performance.Based on the historical financial data of listed companies in the new energy vehicle industry chain from 2010 to 2018,through statistical induction and panel model empirical research,we comprehensively analyze and evaluate the impact of fiscal and tax policies on the operating performance of enterprises in each link of the new energy vehicle industry.The research shows that: 1)Affected by information asymmetry and transaction costs,government subsidies have no obvious effect on financial performance;at the same time,fiscal policies have a certain degree of deficiencies,and tax incentives only have a significant positive incentive effect on solvency,Instead,it has a negative incentive effect on profitability and operating capacity.However,both of them can effectively increase the R & D investment of new energy automobile enterprises and enhance the long-term innovation capability of enterprises.2)The innovation performance of the battery link is most significantly stimulated by financial subsidies and preferential tax policies,while the vehicle link is only significantly positively stimulated by the financial subsidy policy.It is recommended that the government tilt the fiscal and taxation support policy more towards the upstream battery production R& D,which is more conducive to the improvement of the competitiveness of the new energy vehicle industry.3)Both tax incentives and government subsidy policies have obvious positive incentive effects on innovation investment,but government subsidies have a greater impact on the improvement of enterprises' innovation capabilities.At the same time,in the case of subsidies withdrawing from the slope,we should pay attention to the transitional role of tax preferential policies in supporting the new energy vehicle industry,and avoid the simultaneous withdrawal of subsidies and tax policies.