Research On Economic Policy Effects Of High-quality Development Of The New Energy In China

At present,the world’s energy structure is undergoing tremendous changes.Accelerating the development of new energy can not only promote energy transformation,but also improve the ecological environment and help achieve the goal of carbon neutrality.The "14th Five-Year Plan" proposes to actively develop new energy,optimize the energy supply and demand structure,deepen the reform of the energy system,realize the deep integration of new energy and intelligent technology,and help new energy enter the stage of high-quality development.The high-quality development of new energy is a systematic project related to the national economy and people’s livelihood.It is an inevitable requirement for the implementation of government functions and the implementation of new development concepts such as green,innovation,and openness under the conditions of a market economy with Chinese characteristics in the new era.Focusing on the high-quality development of new energy,the state has formed a "combination punch" from multiple dimensions to jointly develop incentive policies that are conducive to the allocation and innovative development of the new energy market,and adopt various driving mechanisms including fiscal and taxation support,financial support,etc.Among them,fiscal and taxation policies are the basis for the large-scale development of the new energy industry and determine the degree of prosperity of the industry.In addition,financial policy is also the leading force in promoting the development of the new energy industry,and the coordination and cooperation of financial,fiscal and taxation policies can play the role of "1+1>2".The research of this paper has certain enlightenment for promoting the cultivation and development of my country’s new energy industry and promoting the transformation and upgrading of the energy structure.This paper takes new energy-related policies as the main line,sorts out related theories such as externality theory and infant industry protection theory,and empirically analyzes the performance of government subsidies,tax incentives and financial support on this basis.The main research contents of this paper are as follows: firstly,it analyzes the mechanism of action of new energy policies.Secondly,it sorts out the status quo of new energy-related policies,focusing on expounding the status quo of fiscal policy,tax policy and financial policy,and pointing out the problems existing in existing policies.The third is to evaluate the effect of government subsidies,using quantile regression models to analyze the impact of government subsidies on new energy R&D investment.The fourth is to discuss the effect of tax incentives,and examine the impact of tax incentives on the innovation performance of new energy companies from three aspects:total innovation,deep-level innovation and shallow-level innovation.The fifth is to study the effect of financial support.The DEA model is used to measure the efficiency of financial support for the new energy industry.In addition,the panel Logit model is constructed to discuss the factors affecting the efficiency of financial support,in order to lay a theoretical foundation for improving financial support for the new energy industry.The main conclusions of this paper are:(1)Fiscal subsidies belong to the government’s gratuitous transfer expenditures,and they are important means to support the R&D and promotion of the new energy industry.The study finds that government subsidies will have a crowding-in effect,that is,government subsidies have a positive impact on R&D investment.The subsidy policies can make up for the losses caused by technology spillovers and reduce private marginal costs,thereby encouraging new energy producers to increase R&D investment and improve the new energy industry system.In addition,the nature of property rights of new energy companies has a moderating effect on government subsidies and R&D investment.(2)Tax incentives can reduce the tax burden of enterprises and directly increase investment income.The study finds that the total amount of innovation of new energy enterprises that are motivated by taxation has increased significantly,but only the shallow-level innovation has increased significantly,and the innovation performance has only a substantial increase in "quantity",not a fundamental improvement in "quality".Heterogeneity analysis finds that in the eastern coastal area,the positive effect of tax incentives on the total innovation of new energy enterprises is stronger.As far as the mediation effect is concerned,although tax incentives cannot directly affect the deep-level innovation of new energy enterprises,they can indirectly affect the deep-level innovation of enterprises through R&D investment.(3)The efficiency of financial support for the new energy industry is affected by the policy environment.In 2013,the implementation of “anti-dumping” investigations abroad resulted in a low efficiency of financial support.After that,the state expanded the scope of financial support,and the efficiency of financial support gradually improved.In addition,the proportion of outstanding shares,asset-liability ratio and system risk all affect the efficiency of financial support.To sum up,the countermeasures and suggestions formed in this paper are as follows: increase financial support,improve subsidies for consumers,optimize tax incentive policies,and improve tax policies such as value-added tax,corporate income tax,and customs duties;build a new energy enterprise credit evaluation mechanism,credit guarantee mechanism and financial information service mechanism,encourage financial innovation,develop new energy special insurance,long-term value preservation contracts and other financial products,while improving the capital market and forming a diversified financial support mechanism;strengthen the pre-event and in-process coordination of the new energy industry post-event supervision and build a multi-level supervision pattern.The innovation of this paper is mainly reflected in: First,the study of the effect of energy policy not only enriches the literature on the effect of energy policy implementation,but also studies the performance of macroeconomic policy from the perspective of new energy companies,which is conducive to deepening our understanding of energy policy.Second,it examines the implementation effects of government subsidies and tax incentives from the perspective of micro-enterprise innovation,and expands the literature on macro-incentive policies and micro-enterprise behavior.This paper divides innovation performance into total innovation,deep-level innovation and shallow-level innovation,deeply analyzes the effect of tax incentive policies,and provides a theoretical basis for improving new energy industry tax incentive policies.Third,this paper studies the mechanism of new energy financial subsidy policy,tax incentive policy and financial support policy,and further analyzes the mechanism effect on this basis.Financial subsidy can make up the gap between private income and social income,and tax policy has income effect and the substitution effect.What’s more,the financial policy has the investment incremental effect and the capital guidance effect.These economic policies can optimize the allocation of resources and promote the high-quality development of the new energy industry.