Research On The Impact Of Tax Preference On TFP Of New Energy Listed Companies

The energy industry has brought many problems while promoting a country's economic growth and maintaining the country's overall strength.On the one hand,due to the limited storage of traditional energy sources such as oil and natural gas,its excessive use will cause an insufficient supply of traditional energy.On the other hand,excessive use of conventional energy results in environmental pollution,climate warming and other problems,and the damage to our ecological environment cannot be underestimated.In this context,the development of clean and renewable new energy industries has become an inevitable trend for future energy development.As an important indicator reflecting the level of resource allocation and technological innovation efficiency of a country,total factor productivity can reflect the quality of a country's economic development,and comprehensively improve the level of total factor productivity in the new energy industry,which maintain long-term growth of the new energy industry.In order to support the healthy development of the new energy industry and improve its total factor productivity,the government has introduced a series of guiding measures,among which tax preferential policies are one of them.Therefore,it is of significance to study the incentive effect of tax preference on the total factor productivity of new energy listed companies in my country.In order to achieve the above research objectives,this paper first summarizes the correlative literature,laying a theoretical base for the research.Secondly,research the mechanism of tax preferential policies on the total factor productivity,and put forward relevant assumptions.Then,based on the data of new energy listed companies,the LP method was used to estimate the total factor productivity of new energy listed companies,and using fixed effects models analysis to empirical research on the impact of overall tax incentives,income tax incentives,and turnover tax incentives on the total factor productivity of new energy listed companies.At the level of enterprise scale effect,using threshold regression method to analyze the threshold effect of income tax incentives and turnover tax incentives.At the enterprise life cycle level,using sub-sample regression to study the effect of tax incentives on the total factor productivity of new energy listed companies with different life cycles.Finally,combined with the conclusions obtained above,further put forward reasonable and effective policy recommendations.The results of the study show that:First,tax incentives can stimulate the improvement of total factor productivity of new energy listed companies,compared with the preferential tax policies for income tax,the preferential tax policies for turnover tax have a stronger role in promoting the improvement of total factor productivity of new energy listed companies.Second,there are heterogeneous differences in the incentive effect of tax preference on total factor productivity of new energy listed companies of different sizes.Third,The incentive effect of tax preference on total factor productivity of new energy listed enterprises in different enterprise life cycle is heterogeneous,and it has the strongest incentive effect on the total factor productivity of new energy listed companies in recession.Based on the above conclusions,this paper finally offered relevant policy tests in line with the development of new energy listed companies from the perspective of the whole new energy companies as well as different scales and different life cycles.