The Impact Of Tax Incentives On Technological Innovation Of New Energy Enterprises

The development of new energy industry is an important strategic measure taken by all countries in the world to cope with energy shortage,climate deterioration and energy security problem.Technological innovation is the core driving force for the development of new energy industry.However,the new energy industry development is seriously restricted by the lack of technological innovation in China,which requires government support.As the important means for government to stimulate new energy enterprises’ technology innovation,can tax incentives play an effective role? Based on the question,the paper conducts research to explore the impact of tax incentives on new energy enterprises’ technology innovation.Firstly,dividing technology innovation into two sides of innovation quantity and innovation quality,the paper analyzes the influence of tax incentives on the technology innovation of new energy enterprises at the theoretical level.Secondly,taking Chinese A-share new energy listed enterprises of 2008-2018 as a sample,the paper constructs a benchmark regression model,uses fixed effect estimation and random effect estimation to quantitatively measure the impact of tax incentives on the technology innovation of new energy enterprises.And the methods of system GMM regression,negative binomial regression and so on are used for the robustness test.Furthermore,the Bootstrap method is used to explore the mediating effect in the impact of tax incentives on technology innovation of new energy enterprises.Finally,the paper analyses the heterogeneity effect based on ownership difference,sectors difference and regional institutional context difference.The study found that:(1)Tax incentives can promote the innovation quantity,but cannot promote high quality innovation of new energy enterprises.(2)The R&D investment plays a mediating role,that is,tax incentives can indirectly promote the innovation quantity and high quality innovation by promoting new energy companies to increase R&D investment.However,R&D human capital investment does not play a mediating role,that is,tax incentives cannot indirectly promote the innovation quantity and high quality innovation by promoting new energy companies to increase R&D human capital investment.(3)The effect of tax incentives varies across ownership,sectors and institutional context.Specifically speaking,the incentive effect is greater on innovation quantity of non-state-owned enterprises than that of state-owned enterprises;policy effect varies across different new energy sectors;there is a stronger positive effect on innovation quantity for firms located in the area of favorable institutional context.Based on the above research findings,in order to improve the innovation incentive of tax incentives,the paper puts forward that the government should improve tax incentives around high quality innovation;focus on use tax incentives to stimulate firms R&D investment and R&D human capital investment;adjust the tax incentives based on the characteristics of ownership,sectors and regional institutional context;create synergies between tax incentives and other policies;improve the tax supervision mechanisms.