Research On The Impact Of Fiscal And Tax Support Policies On Inefficient Investment In New Energy Industry

With the depletion of traditional energy consumption and the increasingly serious environmental pollution,sustainable development has become a difficult problem facing mankind.The development and utilization of new energy resources have been paid attention.All countries in the world have begun to adjust their energy strategies to support the development of new energy industries and increase investment in new energy industries.The Chinese government has issued a series of fiscal and tax support policies to increase investment in new energy industry.China has become the world's largest investor in new energy industry.With sustained high investment,the cumulative installed capacity of photovoltaic and wind power has reached the world's first,The industrial scale is already very large.However,the process of industrial development is also accompanied by frequent abandonment of light and wind.The investment in new energy industry has seen a "surge"phenomenon.The gap in financial subsidies has widened year by year.New energy production capacity is excessive and new energy power generation is difficult to absorb.All kinds of phenomena indicate that the new energy industry has over-invested and inefficient investment to some extet.Therefore,the fiscal and tax support policies for new energy need to be adjusted urgently.The purpose of this paper is to study the effect of fiscal and taxation policies on inefficient investment in new energy industry,so as to better put forward suggestions on improving fiscal and taxation support policies for new energy industry.According to the actual situation in our country,the new energy industry is divided into three categories:wind power,photovoltaic and other new energy.Firstly,the purpose and significance of new energy development are introduced,and the relevant research on fiscal and taxation policies and inefficient investment of new energy industry by domestic and foreign scholars is summarized.Secondly,it introduces the basic concepts of new energy,new energy industry,inefficient investment,fiscal and tax support policies and the relevant basic theories of the research content in this paper.Then it describes the current situation of investment in new energy industry and the performance of inefficient investment,combs the current situation of fiscal and tax support policies for new energy industry in China.Then carry on the theoretical analysis of the financial and tax support policies to the new energy industry inefficient investment.Based on the above description of the current situation and theoretical analysis,this paper puts forward the research hypothesis of fiscal and taxation policies on inefficient investment in new energy industry,selects some listed new energy enterprises from 2011 to 2018 as samples,and uses Richardson's inefficient investment model foe reference to conduct empirical research.The empirical results show that the overall investment in new energy industry is excessive,the fiscal subsidy policy can aggravate the excessive investment,and the tax preferential policy can alleviate the insufficient investment.Finally,the paper puts forward some suggestions to perfect the fiscal and taxation policies for new energy industry,aiming at improving the investment efficiency of new energy industry and increasing the benefits of fiscal and taxation support policies.