The Effect Of Fiscal And Tax Incentives On The R&D Efficiency Of New Energy Enterprises

As Chinese economy enters a stage of high quality development,the reality is that continuous consumption of traditional energy and environmental pollution has become a difficult problem of development in various regions,and "carbon peak,carbon neutralization" has become a hot topic recently.As an important way for our country to improve environmental protection capacity,new energy industry has become a key to solve this problem by encouraging enterprises to increase research and innovation to promote the transformation of our energy structure to the direction of improving quality and efficiency.Our country has made the long-term planning for the development of new energy industry,and has introduced a series of fiscal and tax incentive policies to assist the smooth development of research and development and innovation activities of new energy enterprises,which mainly consists of direct financial subsidy policy and indirect tax preference policy.However,in the process of policy implementation and effect,do fiscal and tax incentive policies effectively stimulate the R&D efficiency of new energy enterprises? Are there differences in the impact of different forms of fiscal and tax incentive policies on R&D efficiency? Is the impact of fiscal and tax incentive policies on R&D efficiency consistent for new energy enterprises in different life cycle stages? Based on the above problems,this paper fully considers the impact of enterprise life cycle and explores the impact of different forms of fiscal and tax incentive policies,namely financial subsidies and tax incentives,on the R&D efficiency of new energy enterprises.This paper mainly explores the effects of financial subsidies and tax incentives on the R&D efficiency of new energy enterprises with different life cycles through literature analysis and empirical research.In terms of theoretical analysis,this paper firstly sorts out the relevant studies of domestic and foreign scholars and reviews the literature in three aspects,namely,the research on the efficiency of enterprise R&D,the research on the impact of fiscal subsidies and tax incentives on enterprise R&D,and the relationship between enterprise life cycle and enterprise R&D.Secondly,the relevant theories involved in this article are explained,including externality theory,market failure theory,signal asymmetry theory and signal transmission theory,which lays a theoretical foundation for the following.Furthermore,based on the above theories,the mechanism of financial subsidies and tax incentives on the R&D efficiency of new energy enterprises in different life cycle stages is analyzed,and hypotheses are proposed.In terms of empirical analysis,this paper selected domestic A-share new energy enterprises from 2015 to 2021 as research samples and used DEA-Malmquist index to dynamically measure their R&D efficiency.On the one hand,according to the measurement results,the changes in R&D efficiency of Chinese new energy enterprises were analyzed,reflecting the overall low R&D efficiency of the industry.On the other hand,the measured research and development efficiency(Tfp)is taken as the explained variable,and the amount of subsidies enjoyed by enterprises when financial subsidies and tax incentives are in parallel is taken as the explanatory variable,and the regression is conducted by constructing a dual fixed effect model.This paper empirically analyzes the differential effects of financial subsidies and tax incentives on the R&D efficiency of new energy enterprises from a static perspective.The robustness analysis was carried out by changing the explained variables and redividing the life cycle stages to confirm the robustness of the main regression model and results.Finally,a two-step system GMM is used to deal with the endogeneity and heteroscedastic problems,and a dynamic regression model is used to further test the regression results.Consistent results are obtained through static and dynamic empirical models:(1)Both financial subsidies and tax incentives can effectively promote the R&D efficiency of new energy enterprises,and the promotion effect of financial subsidies is better than that of tax incentives;(2)For new energy enterprises in different life cycle stages,financial subsidies and tax incentives have different effects on their R&D efficiency.For new energy enterprises in the growth stage,financial subsidies have better incentive effect on R&D efficiency than tax incentives.For new energy enterprises in the mature stage,the incentive effect of tax incentives on the R&D efficiency of enterprises is better than that of financial subsidies.Therefore,in the context of the national development center focusing on the R&D and innovation of key core technologies,the research results of this paper can help policy makers to improve fiscal and tax incentive policies to maximize the role of subsidies,and help new energy enterprises to efficiently use R&D resources according to their own actual conditions and maintain sustainable R&D motivation.Finally,according to the theoretical analysis and empirical results of this paper,combined with the implementation of various kinds of fiscal and tax incentive policies to promote the research and development of new energy enterprises,some suggestions are put forward.This paper puts forward three suggestions: First,explore the phase characteristics of enterprise life cycle and adjust the subsidy policy structure.For new energy enterprises in the growth stage,the R&D incentive policy should be mainly financial subsidies,supplemented by tax incentives,and give more play to the role of the government in the growth stage of new energy enterprises.For mature new energy enterprises,the R&D incentive policy should be mainly tax incentives,supplemented by financial subsidies,to promote sustainable R&D;For the new energy industry,the overall policy incentive should be inclined to financial subsidies.Second,to build an effective supervision system,we must not only clearly define the scope of each life cycle,but also ensure the precise implementation and implementation of each life cycle policy.Third,improve the intellectual property protection system,increase the cost of intellectual property theft,and protect the research and development achievements of enterprises.