Research On The Impact Of Tax Preference On Innovation Performance Of New Energy Enterprises

The level of technological development has always been the core weapon for countries to participate in competition.Therefore,technological innovation is an important driving force for economic and social development.The hot topics related to technological innovation have never subsided.In China,the innovation driven development strategy mainly focuses on enterprise innovation.How the enterprise innovation results are the decisive factor for the success of economic transformation.However,due to the unique nature of technological innovation in investment,return and cycle,government intervention becomes necessary.At the same time,the exploitation and utilization of new energy not only opens up a new road for economic transformation and development,but also provides a solution to the contradiction between environment and economic development for a long time.Therefore,the development of new energy industry has attracted the attention of all sectors of society.The government also provides many preferential policies for new energy industry,of which preferential policies on taxation account for a large proportion.So what is the impact of tax incentives on the innovation performance of new energy enterprises?Aiming at improving the incentive effect of government support policies on technological innovation of new energy enterprises,this paper explores the basic relationship,influencing factors and mechanism effect between the overall preferential amount and specific preferential policies,in order to make the government understand the utility relationship and apply the remedy to the case when using fiscal and tax policies,And improve and supplement the way of policy use and its own content,so as to improve the efficiency of policy and promote the technological innovation of new energy enterprises.Firstly,this paper compares,classifies and combs the research literature on tax preference,R & D innovation and the relationship between them at home and abroad,so as to lay a foundation for the research of this paper.Secondly,based on the theories of technological innovation,market failure and tax principles,this paper points out the necessity of government intervention in enterprise innovation,and analyzes the impact of tax preference on enterprise innovation performance and its impact mechanism from a qualitative perspective.Finally,taking the data of new energy listed enterprises from 2009 to 2020 as a sample,this paper empirically analyzes the relationship between tax preference and innovation performance of new energy enterprises,and investigates the impact of internal and external factors on this relationship and its mechanism.The results show that :(1)tax incentives promote the innovation performance of new energy enterprises,not only in the increase of "quantity",but also in the improvement of "quality";(2)The innovation effect of tax incentives varies with the internal and external factors of new energy enterprises.In the case of property right,the effect of tax incentives on innovation performance is more significant for non-state-owned enterprises than for state-owned enterprises.In different industries,tax incentives have stronger innovation performance for electric heating supply enterprises;In the institutional environment,the innovation effect of tax incentives increases with the improvement of legal system level,but has no obvious relationship with marketization level.Among political connections,politically connected firms are more likely to use tax incentives to promote their innovation performance;(3)The preferential tax policy of "replacing business tax with VALUE-ADDED tax" has a significant promotion effect on both the quantity and quality of innovation of new energy enterprises,while the preferential tax policy of "accelerated depreciation of fixed assets" only has a significant promotion effect on the innovation quality of new energy enterprises;(4)Tax incentives can increase r&d investment of new energy enterprises to improve their innovation performance rather than human capital investment.Compared with the existing research,this article USES the instrumental variable method to solve the problem of endogenous,explores the tax breaks for the influence of the new energy enterprise innovation performance,and some internal and external factors in play a role in the relationship,and on this basis to further explore the two representative of preferential tax policy impact on the performance of enterprise innovation,Finally,the mechanism of tax incentives to promote the innovation of new energy enterprises is tested.This paper points out that tax preferential policies should be formulated according to the internal characteristics and external institutional environment of new energy enterprises,and precise support should be provided.We will improve the tax system,adhere to the general policy of reducing taxes and fees,and focus on guiding enterprises to increase r&d spending.This paper not only enriches the existing research,but also has certain reference significance for government policy making.