Research On The Influence Of Fiscal And Tax Incentives On R&d Investment And Innovation Performance Of New Energy Vehicle Enterprises

From production to promotion and application,the continuous development of new energy vehicles benefits from a number of systematic and perfect fiscal and tax incentive policies issued by the state.Government subsidies and tax incentives are one of the important policies to promote its marketization.The key to the current development of new energy vehicle enterprises is technological innovation.Market regulation alone cannot promote the innovation activities of emerging industries,which requires the intervention and support of the government.At present,our new energy vehicle industry market and industry chain have been developing rapidly,but the key technical problems have not been broken through,and the scale effect has not been completely formed.In the critical period of the gradual development and expansion of the new energy vehicle industry,it is necessary to discuss whether government subsidies and tax incentives can promote enterprises to improve innovation ability,how different policies affect innovation ability,and whether enterprises’ innovation ability is affected under the current situation of subsidy decline.Based on the theories of market failure,externality and information asymmetry,this paper explores the mechanism of government subsidies and tax incentives affecting enterprise innovation performance.Taking a total of 292 new energy vehicle enterprises listed on Shanghai and Shenzhen Stock Exchanges from 2011 to 2021 as the research object,the panel fixed effect model was constructed to study the impact of government subsidies and tax incentives on enterprise innovation performance separately and in parallel,and the intermediary effect model was established to test the effect of R&D investment on fiscal and tax incentives and innovation performance.Furthermore,a dummy variable model is constructed to further explore the difference of the impact of fiscal and tax incentives on innovation performance before and after the decline of subsidies.The findings are as follows:(1)Government subsidies and tax incentives,when implemented individually or in combination,have significant positive effects on innovation performance.Both of them significantly increase R&D investment,and R&D investment plays a complete intermediary role between the two incentives and innovation performance.(2)Both fiscal and tax incentives significantly improve the innovation performance of upper,middle and downstream enterprises.For upper and middle enterprises,the incentive effect of government subsidies is better than that of tax incentives,and for downstream enterprises,the incentive effect of tax incentives is better than that of government subsidies.(3)Both fiscal and tax incentives significantly promote the innovation performance of state-owned and non-state-owned enterprises.The overall effect of government subsidies is greater than that of tax incentives,and the incentive effect of tax incentives on non-state-owned enterprises is greater than that on state-owned enterprises.(4)The promotion effect of fiscal and tax incentives on enterprise innovation performance decreased significantly after the implementation of subsidy regression policy,and enterprise innovation performance increased compared with that before the regression policy.(5)The impact of government subsidies on the innovation performance of upstream and downstream enterprises has no significant change before and after the decline of subsidies,and the effect of government subsidies on midstream enterprises is significantly reduced.The effect of tax incentives on the innovation performance of upstream enterprises increases significantly after the subsidy decline,but has no significant effect on midstream enterprises and significantly decreases on downstream enterprises.The innovation performance of upstream enterprises decreased after the decline of subsidies,while the innovation performance of midstream and downstream enterprises improved.(6)The impact of government subsidies on the innovation performance of state-owned enterprises has no significant change after the decline of subsidies,and the impact on non-state-owned enterprises is significantly reduced.The impact of tax incentives on both types of enterprises is significantly decreased.There is no significant change in the innovation performance of state-owned enterprises,while the innovation performance of non-state-owned enterprises is significantly improved.Based on the empirical results,countermeasures and suggestions were put forward,such as rational use of fiscal and tax incentive policies for new energy automobile enterprises,emphasis on innovation to master core technologies,promotion of cooperation between enterprises and industrial chain integration.