环境不确定性、税收激励政策与投资效率——基于可再生能源企业的研究
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摘要
可再生能源投资效率关乎可再生能源产业的发展,在环境不确定性和税收激励政策的影响下,可再生能源投资效率会偏离其有效水平。基于异质性双边随机前沿模型,本文分析了环境不确定性和税收激励政策对可再生能源投资效率的影响,得到主要结论如下:(1)环境不确定性对可再生能源投资效率存在51.84%的负向影响,税收激励政策对可再生能源投资效率存在48.16%的正向影响,最终导致可再生能源投资效率低于其最优水平;(2)在环境不确定性和税收激励政策综合影响下,国有可再生能源企业投资效率为1.15,非国有可在生能源企业投资效率为-7.85,国有可再生能源企业投资效率明显高于非国有可再生能源企业;(3)税收激励政策对国有可再生能源企业投资效率的影响更大,为34.81%,比对非国有可再生能源企业投资效率的影响高5.84%。以上结论为可再生能源企业更有效地投资以及为政府对可再生能源产业相关税收激励政策的制定提供参考;为可再生能源企业更好地适应市场化发展和政府更有效地干预市场经济提供借鉴。
The development of renewable energy industry is related to the investment efficiency of renewable energy.Under the influence of environmental uncertainties and tax incentive policies,the investment efficiency of renewable energy will deviate from its effective level.Based on the heterogeneous bilateral stochastic frontier model,this paper analyzes the impact of environmental uncertainties and tax incentive policies on the investment efficiency of renewable energy,aiming to provide reference to the renewable energy enterprises and the government.The main conclusions are as follows:first,environmental uncertainties have a negative impact on the investment efficiency of renewable energy by 51.84%,while tax incentive policies have a positive impact on the investment efficiency of renewable energy by 48.16%,which leads to a lower investment efficiency of renewable energy than its optimal level.Second,under the comprehensive influence of environmental uncertainties and tax incentive policies,the investment efficiency of renewable energy of state-owned enterprises is 1.15,while it is-7.85 of the non-state-owned enterprises,which means that the former is significantly higher than the later.Third,the effect of tax incentive policies on the investment efficiency of renewable energy in the state-owned enterprises is 34.81%,which is 5.84% higher than that in the non-state-owned enterprises.These conclusions provide reference for more effective investment of renewable energy enterprises,for the formulation of tax incentive policies by the government,for renewable energy enterprises to better adapt to market-oriented development and for more effective intervention in market economy by the government.
The development of renewable energy industry is related to the investment efficiency of renewable energy.Under the influence of environmental uncertainties and tax incentive policies,the investment efficiency of renewable energy will deviate from its effective level.Based on the heterogeneous bilateral stochastic frontier model,this paper analyzes the impact of environmental uncertainties and tax incentive policies on the investment efficiency of renewable energy,aiming to provide reference to the renewable energy enterprises and the government.The main conclusions are as follows:first,environmental uncertainties have a negative impact on the investment efficiency of renewable energy by 51.84%,while tax incentive policies have a positive impact on the investment efficiency of renewable energy by 48.16%,which leads to a lower investment efficiency of renewable energy than its optimal level.Second,under the comprehensive influence of environmental uncertainties and tax incentive policies,the investment efficiency of renewable energy of state-owned enterprises is 1.15,while it is-7.85 of the non-state-owned enterprises,which means that the former is significantly higher than the later.Third,the effect of tax incentive policies on the investment efficiency of renewable energy in the state-owned enterprises is 34.81%,which is 5.84% higher than that in the non-state-owned enterprises.These conclusions provide reference for more effective investment of renewable energy enterprises,for the formulation of tax incentive policies by the government,for renewable energy enterprises to better adapt to market-oriented development and for more effective intervention in market economy by the government.
引文
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[14]Merrill Jones Barradale.Impact of Public Policy Uncertainty on Renewable Energy Investment:Wind Power and the Production Tax Credit[J].Energy Policy,2010,38(12):7698～7709.
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[24]Huo B F,Ye Y X,Zhao X D,et al.Environmental Uncertainty,Specific Assets,and Opportunism in 3PL Relationships:A Transaction Cost Economics Perspective[J].International Journal of Production Economics,2018,203:154～163.
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[26]冯巧根.基于环境不确定性的管理会计对策研究[J].会计研究,2014,(9):21～28.
[27]Juan Miguel Rodriguez Lopez,Alice Sakhel,Timo Busch.Corporate Investments and Environmental Regulation:The Role of Regulatory Uncertainty,Regulation-induced Uncertainty,and Investment History[J].European Management Journal,2016,(35):91～101.
[28]Wolfgang Drobetz,Sadok El Ghoul,Omrane Guedhami,et al.Policy Uncertainty,Investment,and the Cost of Capital[J].Journal of Financial Stability,2018,39(12):28～45.
[29]Liu N,Tang S Y,Zhan X Y,et al.Policy Uncertainty and Corporate Performance in Governments Ponsored Voluntary Environmental Programs[J].Journal of Environmental Management,2018,219:350～360.
[30]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,(7):113～126.
[31]徐倩.不确定性、股权激励与非效率投资[J].会计研究,2014,(3):41～48.
[32]贾俊雪.税收激励、企业有效平均税率与企业进入[J].经济研究,2014,49(7):94～109.
[33]Annette Alstads?ter,Martin Jacob,Roni Michaely.Do Dividend Taxes Affect Corporate Investment?[J].Journal of Public Economics,2017,151:74～83.
[34]许伟,陈斌开.税收激励和企业投资——基于2004～2009年增值税转型的自然实验[J].管理世界,2016,(5):9～17.
[35]Inmaculada C,Alvarez-Ayuso,Chihwa Kao,et al.Long Run Effect of Public Grants and Tax Credits on R&D Investment:A Non-stationary Panel Data Approach[J].Economic Modelling,2018,75(11):93～104.
[36]陈亚雯.新古典投资理论与模型——税收与投资关系分析[J].经济问题探索,2005,(12):27～32.
[37]毛德凤,彭飞,刘华.税收激励对企业投资增长与投资结构偏向的影响[J].经济学动态,2016,(7):75～87.
[38]Kumbhakar S C,Parmeter C F.The Effects of Match Uncertainty and Bargaining on Labor Market Outcomes:Evidence From Firm and Worker Specific Estimates[J].Journal of Productivity Analysis,2009,31(1):1～14.
[39]李春红,王苑萍,郑志丹.双重委托代理对上市公司过度投资的影响路径分析——基于异质性双边随机边界模型[J].中国管理科学,2014,22(11):131～139.
[40]唐安宝,李凤云.融资约束、政府补贴与新能源企业投资效率——基于异质性双边随机前沿模型[J].工业技术经济,2016,(8):145～153.
[41]付晓月,杜晓荣.环境不确定性、税收激励与企业R&D投资[J].武汉理工大学学报(信息与管理工程版),2017,39(2):186～190.
[42]贾俊雪,应世为.财政分权与企业税收激励——基于地方政府竞争视角的分析[J].中国工业经济,2016,(10):23～39.
[43]蔡昌,李蓓蕾.我国不同所有制企业实际税负比较研究[J].南方经济,2017,(11):57～68.
[2]Mariia Kozlova,Mikael Collan.Modeling the Effects of the New Russian Capacity Mechanism on Renewable Energy Investments[J].Energy Policy,2016,95:350～360.
[3]Petr Dvoák,Stanislav Martinát,Dan Van der Horst,et al.Renewable Energy Investment and Job Creation;A Cross-sectoral Assessment for the Czech Republic with Reference to EU Benchmarks[J].Renewable and Sustainable Energy Reviews,2017,69:380～388.
[4]Yang Y C,Nie P Y,Liu H T,et al.On the Welfare Effects of Subsidy Game for Renewable Energy Investment:Toward a Dynamic Equilibrium Model[J].Renewable Energy,2018,121:420～428.
[5]Beliz Ozorhon,Arda Batmaz,Semih Caglayan.Generating a Framework to Facilitate Decision Making in Renewable Energy Investments[J].Renewable and Sustainable Energy Reviews,2018,95:217～226.
[6]李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率[J].管理世界,2011,(1):127～136.
[7]李维安,唐跃军.上市公司利益相关者治理机制、治理指数与企业业绩[J].管理世界,2005,(9):127～136.
[8]何凌云,张丽虹,钟章奇,等.环境不确定性、外部融资与可再生能源投资——兼论政策有效性[J].资源科学,2018,40(4):748～758.
[9]徐波,白婷.中国上市公司可再生能源投资的影响因素、领先优势与政策效应[J].中国软科学,2009,(S2):284～289.
[10]王晓天,薛惠锋.可再生能源投资决策行为影响因素实证分析与政策启示[J].西安理工大学学报,2012,28(1):115～120.
[11]Ana Pueyo.What Constrains Renewable Energy Investment in Sub-Saharan Africa?A Comparison of Kenya and Ghana[J].World Development,2018,109:85～87.
[12]谭忠富,张会娟,宋艺航,等.基于粗糙集和模糊C均值聚类算法的可再生能源投资风险评价[J].可再生能源,2014,32(2):179～183.
[13]Liu X M,Zeng M.Renewable Energy Investment Risk Evaluation Model Based on System Dynamics[J].Renewable and Sustainable Energy Reviews,2017,73:782～788.
[14]Merrill Jones Barradale.Impact of Public Policy Uncertainty on Renewable Energy Investment:Wind Power and the Production Tax Credit[J].Energy Policy,2010,38(12):7698～7709.
[15]李庆,赵新泉,葛翔宇.政策不确定性对可再生能源电力投资影响研究——基于实物期权理论证明与分析[J].中国管理科学,2015,23:445～452.
[16]王贞洁,王京.宏观经济不确定性、战略变化幅度与投资行为[J].管理评论,2018,30(7):207～217..
[17]翟胜宝,马静静,毛志忠.环境不确定性、产权性质与上市公司投资效率[J].会计与经济研究,2015,29(5):11～23.
[18]陈德球,陈运森,董志勇.政策不确定性、市场竞争与资本配置[J].金融研究,2017,(11):65～80.
[19]陈平路,陈波涛.税收政策对企业投资的影响[J].涉外税务,2010,(1):28～31.
[20]杨旭东.环境不确定性、税收优惠与技术创新——基于我国中小上市公司的实证分析[J].税务研究,2018,(3):86～91.
[21]宋杰.经营不确定性与公司税收激进度相关性研究——基于内部信息环境视角[J].财会通讯,2018,(24):116～120.
[22]Kohli A,Jaworski B.Market Orientation.The Construct,Research Propositions,and Managerial Implications[J].Journal of Marketing,1990,54(2):1～18.
[23]Noordewier T G,John G,Nevin J R.Performance Outcomes of Purchasing Arrangements in Industrial Buyer-vendor Relationships[J].Market,1990,54(4):80～93.
[24]Huo B F,Ye Y X,Zhao X D,et al.Environmental Uncertainty,Specific Assets,and Opportunism in 3PL Relationships:A Transaction Cost Economics Perspective[J].International Journal of Production Economics,2018,203:154～163.
[25]Irge Sener.Strategic Responses of Top Managers to Environmental Uncertainty[J].Procedia-Social and Behavioral Sciences 2012,(58):169～177.
[26]冯巧根.基于环境不确定性的管理会计对策研究[J].会计研究,2014,(9):21～28.
[27]Juan Miguel Rodriguez Lopez,Alice Sakhel,Timo Busch.Corporate Investments and Environmental Regulation:The Role of Regulatory Uncertainty,Regulation-induced Uncertainty,and Investment History[J].European Management Journal,2016,(35):91～101.
[28]Wolfgang Drobetz,Sadok El Ghoul,Omrane Guedhami,et al.Policy Uncertainty,Investment,and the Cost of Capital[J].Journal of Financial Stability,2018,39(12):28～45.
[29]Liu N,Tang S Y,Zhan X Y,et al.Policy Uncertainty and Corporate Performance in Governments Ponsored Voluntary Environmental Programs[J].Journal of Environmental Management,2018,219:350～360.
[30]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,(7):113～126.
[31]徐倩.不确定性、股权激励与非效率投资[J].会计研究,2014,(3):41～48.
[32]贾俊雪.税收激励、企业有效平均税率与企业进入[J].经济研究,2014,49(7):94～109.
[33]Annette Alstads?ter,Martin Jacob,Roni Michaely.Do Dividend Taxes Affect Corporate Investment?[J].Journal of Public Economics,2017,151:74～83.
[34]许伟,陈斌开.税收激励和企业投资——基于2004～2009年增值税转型的自然实验[J].管理世界,2016,(5):9～17.
[35]Inmaculada C,Alvarez-Ayuso,Chihwa Kao,et al.Long Run Effect of Public Grants and Tax Credits on R&D Investment:A Non-stationary Panel Data Approach[J].Economic Modelling,2018,75(11):93～104.
[36]陈亚雯.新古典投资理论与模型——税收与投资关系分析[J].经济问题探索,2005,(12):27～32.
[37]毛德凤,彭飞,刘华.税收激励对企业投资增长与投资结构偏向的影响[J].经济学动态,2016,(7):75～87.
[38]Kumbhakar S C,Parmeter C F.The Effects of Match Uncertainty and Bargaining on Labor Market Outcomes:Evidence From Firm and Worker Specific Estimates[J].Journal of Productivity Analysis,2009,31(1):1～14.
[39]李春红,王苑萍,郑志丹.双重委托代理对上市公司过度投资的影响路径分析——基于异质性双边随机边界模型[J].中国管理科学,2014,22(11):131～139.
[40]唐安宝,李凤云.融资约束、政府补贴与新能源企业投资效率——基于异质性双边随机前沿模型[J].工业技术经济,2016,(8):145～153.
[41]付晓月,杜晓荣.环境不确定性、税收激励与企业R&D投资[J].武汉理工大学学报(信息与管理工程版),2017,39(2):186～190.
[42]贾俊雪,应世为.财政分权与企业税收激励——基于地方政府竞争视角的分析[J].中国工业经济,2016,(10):23～39.
[43]蔡昌,李蓓蕾.我国不同所有制企业实际税负比较研究[J].南方经济,2017,(11):57～68.