Research On The Impact Of Fiscal And Tax Policies On The Value Of New Energy Vehicle Enterprises

At present,China’s economy is shifting from a stage of rapid growth to a stage of high-quality development,and is in a critical period of optimizing the economic structure and transforming the mode of development.As an energy-saving and environment-friendly product,new energy vehicles,with its dual advantages in energy saving and environmental pressure relief,have become a major trend in the development of the global automotive industry,a priority choice for the development of the automotive industry in the world,and also become one of the seven strategic emerging industries that China focuses on.China has been developing new energy vehicles for more than 20 years since the beginning of this century when new energy vehicles were listed as the key target.New energy vehicles have also transitioned from the period of technical breakthrough to the period of large-scale market promotion,and the country’s macro strategy has achieved phased results.The government plays an important role in the development of new energy vehicle enterprises.Since the launch of the "National High-tech Research and Development Plan" major special project for electric vehicles in 2001,China has issued a series of industrial policies to support the production and consumption of new energy vehicles,mainly reflected in the financial subsidy policy and tax preferential policy.With the support of fiscal and tax policies,the financial pressure of new energy automobile enterprises has been relieved,the innovation motivation has also been strengthened,and great progress has been made in the R&D and innovation of the three core components of battery,motor and electronic control.However,many problems have also been exposed.In the development process of the new energy automobile enterprises,insufficient technological innovation capacity,imperfect infrastructure and other problems still exist;In terms of policy support,problems such as imperfect policy system,poor policy stability and weak pertinence still need to be improved.Moreover,after the exposure of the "fraudulent subsidy" incident of new energy automobile enterprises,the problem of low efficiency of new energy automobile fiscal and tax policies has also been exposed,which makes government reexamine the effect of China’s new energy automobile industry support policies.In this context,China’s fiscal and tax support policies for new energy vehicles are undergoing dynamic adjustment.Since April 2015,the Ministry of Finance and other commissions have jointly issued four policy documents to formulate,adjust and improve the new energy vehicle industry subsidy standard recession mechanism.How the government subsidies and tax incentives affect the enterprise value of new energy vehicles,whether the industry subsidy standard is reasonable,what aspects of the tax policy should be improved after the gradual decline of financial subsidies,and how the new energy vehicle enterprises can achieve sustainable development in the "post-subsidy era" deserve deep consideration.Therefore,this paper has carried out innovative research on this topic from three aspects: refinement of research methods,multi-dimensional research indicators and comparison of policy tool effects.After a differential study of the overall development status of the new energy vehicle industry and the new energy vehicle enterprises with different property rights,52 new energy vehicle listed companies in Shanghai and Shenzhen stock markets from 2012 to 2021 were selected as samples.In the selection of indicators,Tobin Q and the ratio of "income tax expense/profit before interest and tax" are selected to represent the enterprise value and the actual tax rate of income tax respectively;In terms of policy tools,not only from the single perspective of financial subsidies and tax incentives to explore the impact on the value of new energy vehicle enterprises,but also taking into account the cross-effects of policies,and comparing and analyzing different policy effects.The results show that the impact of financial subsidies on the value of enterprises is more significant than that of tax incentives;From the perspective of cross-effects,there is a mutually complementary crowding-in effect between fiscal subsidies and tax preferences.Based on the research results,several countermeasures and suggestions have put forward: do a good job in the end of the subsidy policy and make timely dynamic adjustment of the policy;Further clarify the preferential tax policies;Establishing policy evaluation system;Formulate a reasonable innovation strategy and increase the training and introduction of talents in the new energy automobile industry.Since the subsidy policy has entered the final stage and the new energy vehicle industry has changed from policy-oriented to market-oriented,this paper also proposes that the government should improve the supervision mechanism of the new energy vehicle market and give full play to the role of the market in the development of the new energy vehicle industry.