Research On Fiscal And Tax Policies To Promote R&D Investment In China’s Photovoltaic Industry

Global warming has become a common problem faced by all countries in the world.With the continuous development of industrialization,the carbon emissions of various countries are also increasing.It is urgent to reduce carbon emissions.As the largest developing country in the world,China has made the first example.At the United Nations General Assembly in 2020,General Secretary Xi Jinping put forward the "3060" double carbon goal.As an important part of clean energy,solar energy can solve the problem of energy substitution very well.As a hightech industry,the photovoltaic industry needs to upgrade its technology research and development It is related to the future development of photovoltaic industry.Therefore,it is of great significance to deeply study the incentive effect of government fiscal and taxation policies on R&D investment in the photovoltaic industry.This thesis determines the basic direction and content of the research through the combing and integration of relevant literature of domestic and foreign scholars.Firstly,the concepts of photovoltaic industry,fiscal and taxation policies,fiscal subsidies and tax incentives are defined,and then according to the theoretical content of market failure theory,naive industry protection theory,and technological innovation theory,the necessity of fiscal and taxation policies to promote photovoltaic enterprises’ R&D investment is explained,analyzed the mechanism of financial subsidies and tax incentives to promote the investment in photovoltaic industry R&D,and sorted out the development process of photovoltaic industry in China since its infancy,listed and explained the fiscal and taxation policies at different stages.Then,based on theoretical analysis and current situation analysis,a hypothesis was put forward and a model was established.Taking 48 listed companies with a photovoltaic concept in Shanghai and Shenzhen A-shares as the research object,the micro data of enterprises from 2014 to 2019 were selected,and the financial and taxation policies for the research and development investment of the photovoltaic industry were established.Panel data model,using a two-way fixed effect model to verify the assumption that fiscal and taxation policies promote R&D investment in the photovoltaic industry,and conducts a heterogeneity analysis from the perspective of corporate ownership and region,and finally puts forward based on the empirical results and the successful experience of developed countries.Suggestions on improving fiscal and tax policies for the photovoltaic industry.According to the results of empirical analysis,both financial subsidies and tax incentives can promote the R&D investment of the photovoltaic industry,and the impact of financial subsidies and tax incentives on the R&D investment of the photovoltaic industry will also play a role in mutual promotion.For state-owned photovoltaic enterprises,the effect of fiscal subsidy policy is more obvious,while for non-state-owned photovoltaic enterprises,the effect of preferential tax policies is more obvious;from a regional perspective,the effect of financial subsidies for photovoltaic enterprises in coastal areas is more obvious than that of inland photovoltaic enterprises.In view of the above empirical conclusions,this thesis puts forward the following suggestions from two aspects of financial subsidies and tax incentives:(1)implement diversified financial subsidies;(2)set up an appropriate range of financial subsidies;(3)establish a financial subsidy performance evaluation system;(4)Reasonably control the strength of tax incentives;(5)Improve the timeliness of tax incentives;(6)Establish tax incentive evaluation mechanisms.