政策冲击下的新能源企业投资效率研究——基于财政补贴与税收优惠比较的视角

Research on investment efficiency of new energy enterprises under the impact of policies——A comparative perspective based on fiscal subsidies and tax preference

宏观经济政策会对微观企业行为产生重要影响,以2007-2017年A股新能源上市公司为研究样本,考察财政政策和税收政策对新能源企业投资行为及投资效率的影响。结果表明:①财政补贴政策会引发新能源企业投资过度行为,进而导致新能源企业投资效率低下;②税收优惠在一定程度上提高了新能源企业投资规模,缓解其投资不足的现象,从而提升其投资效率,且没有迹象表明其会引发投资过度行为;③在财政补贴和税收优惠政策驱动下,不同产权性质和不同地区新能源企业投资行为存在差异,即相比国有企业而言,财政政策引发的投资过度以及投资效率降低的问题在非国有企业中更为显著,而税收政策的作用力微乎其微。相对于东部发达省份而言,财政政策和税收政策对新能源企业投资效率的影响,在中西部地区中更加显著。

Macroeconomic policies will have an important impact on micro-business behavior. Taking the 2007-2017 A-share new energy listed companies as a research sample,the impact of fiscal policy and taxation policies on investment behavior and investment efficiency of new energy companies will be examined. The results show that:①financial subsidy policy will lead to excessive investment behavior of new energy enterprises,which will lead to low investment efficiency of new energy enterprises;②tax incentives will increase the investment scale of new energy enterprises to a certain extent,alleviate the phenomenon of insufficient investment,thereby enhancing its investment efficiency,and there is no indication that it will lead to excessive investment behavior;③Driven by financial subsidies and preferential tax policies,there are differences in the nature of different property rights and investment behaviors of new energy companies in different regions. That is, compared with state-owned enterprises,the problem of excessive investment and reduced investment efficiency caused by fiscal policy is more significant in non-state-owned enterprises,and the role of tax policy is minimal;compared with the developed provinces in the east,the impact of fiscal and taxation policies on the investment efficiency of new energy companies is even more significant in the central and western regions.