Influence Of Fiscal And Tax Incentives On Innovation Efficiency Of New Energy Vehicle Industry In China

In the context of globalization and informatization,vigorously promoting and developing national innovation strategies is an important starting point for countries around the world to achieve steady economic growth and transformation of economic development patterns.Enterprise innovation has become an important engine driving economic development.It not only effectively promotes the formation of core competitiveness of enterprises from all countries in the international market,but is also an important source of power for national and regional competitive advantages.To a great extent It determines the future development trend of the economy of various countries,as well as the transformation and upgrading of industries.Therefore,for all countries in the world,how to promote and support enterprise innovation has become an important topic of urgent concern for government departments at all levels,the business community,and the entire society.This paper takes listed companies related to the new energy vehicle industry from2010 to 2020 as research samples and empirically tests the impact of fiscal and tax incentive policies on enterprise R&D efficiency by using the panel fixed effect model.The results show that,firstly,fiscal subsidies and tax incentives can effectively encourage enterprises to increase r&d investment.For each 1% increase in fiscal subsidies,the innovation efficiency of enterprises will increase by 0.0341%.Every 1%increase in government tax incentives,enterprise innovation efficiency increases by0.0466%.In contrast,government tax incentives have a significantly stronger effect on enterprise innovation efficiency.The findings pass the robustness test.Second,further examination shows that fiscal subsidies and tax incentives play an interactive role in the innovation efficiency of new energy vehicle enterprises.The two jointly promote the improvement of innovation efficiency,but the effect is relatively weak,indicating that the improvement of enterprise innovation efficiency mainly depends on the government policy itself.Third,fiscal and tax incentive policies have a stronger effect on improving the innovation efficiency of enterprises with higher financing constraints and private enterprises.Fourthly,the optimization of market environment can strengthen the innovation incentive effect of fiscal and tax policies,while the distortion of factor market weakens the innovation incentive effect of fiscal and tax policies.Based on the above research conclusions,combined with the current actual situation,this article proposes the following suggestions on how to use financial subsidies and tax incentives to improve the innovation efficiency of new energy vehicle companies: First,improve the innovation incentive policy based on tax incentives.Second,use financial subsidies as a supplementary policy to encourage enterprises to innovate independently.Third,improve the external environment of the region to give play to the innovative and incentive role of fiscal and taxation policies.