【作者】 陈晓媛；

【导师】 廖常勇；

【作者基本信息】 西南财经大学 ， 税务， 2020， 硕士

【摘要】 光伏产业因其安全、无污染、资源丰富、受环境制约小等优点,在新一轮的能源变革中,发挥着越来越重要的作用。然而我国光伏企业的发展仍面临很多问题,如我国光伏技术与先进国家相比仍存在差距、过度依赖国外市场导致企业经营风险较大以及政府补贴拖欠等问题。光伏产业具有较强的外部性且所需投资规模大,因此,无论国家宏观层面的产业政策扶持措施还是企业微观层面上研发投入的调整,对促进光伏企业稳定健康发展都是非常必要的。税收优惠政策通过流转税优惠和所得税优惠提高企业预期收益和降低生产成本,引领社会资本不断流向光伏企业,从而降低光伏企业发展前期的研发创新风险,缓解光伏企业发展中期面临的融资困境,最终提高企业利润率、引领产业发展。鉴于此,本文将对光伏企业税收优惠政策进行全面梳理,并选取A股上市光伏企业为样本进行实证分析,通过定性和定量相结合的方法研究税收优惠政策对光伏企业发展的真实作用,结合当前光伏企业发展中的问题,提出建议,为完善我国光伏企业税收优惠政策以及提升光伏企业运营水平提供思路。本文首先介绍了税收优惠政策、光伏企业以及企业经营绩效的基本概念,从外部性理论、可持续发展理论以及产品生命周期理论三个方面分析税收优惠政策推动光伏企业发展的理论依据,并具体分析税收优惠政策对光伏企业经营绩效的影响机制。其次,对我国光伏产业的发展以及存在的问题进行分析,从专门针对光伏企业的税收扶持政策和减税背景下光伏企业受惠的税收政策两个角度,仔细梳理我国光伏企业能够享受的税收优惠政策。之后,根据国泰安数据库和巨潮资讯网公布的上市公司财务报告,搜集了2010年到2018年在沪深上市的65家光伏企业的总资产收益率(ROA)、总资产、总负债、固定资产净额等主要财务指标的相关数据,作为面板数据,进行多元回归分析。通过研究得出以下结论:(1)降低光伏企业的流转税税收负担可以提高光伏企业经营绩效,流转税负担较重,会加大企业的经营负担,提高了经营风险,进而影响企业经营绩效;(2)降低光伏企业的企业所得税税收负担可以提高光伏企业经营绩效,一方面企业所得税费用作为计算净利润的扣减项,对企业经营绩效产生直接影响,另一方面企业面对税收优惠政策,会调整其投融资行为从而影响企业经营绩效;(3)光伏企业的规模与企业经营绩效呈正相关关系,光伏企业资产负债率、资本密集度与企业绩效呈负相关关系,企业年龄与企业绩效呈正相关关系。根据上述分析,提出我国应当加大光伏企业的税收优惠力度,同时适当增加针对光伏企业的税收优惠政策,如完善增值税优惠政策,缩短光伏产品折旧年限,适当放宽研发仪器税前扣除标准,增加针对光伏产业上下游企业的税收优惠政策等,从而减轻光伏企业税收负担,促进光伏企业健康长远发展。此外,企业在保持自身稳健运营的情况下,可以适度调整融资结构,降低企业资产负债率,适度扩大企业规模,以便提升企业经营绩效及应对风险能力。更多还原

【Abstract】 The photovoltaic industry is playing an increasingly important role in the new round of energy reform due to its advantages such as safety,pollution-free,rich resources,and small environmental constraints.However,China’s photovoltaic enterprises still face many problems in the development process,such as the gap between China’s photovoltaic technology and advanced countries,excessive reliance on foreign markets leading to greater business risks and arrears of government subsidies.The photovoltaic industry has strong externality and requires large investment scales.Therefore,whether it is a national macro-level industrial policy support measure or an enterprise’s micro-level R&D investment adjustment,it is necessary to promote the stable and healthy development of the photovoltaic enterprises.The Preferential tax policy improves the expected revenue and reduces the production cost of the company through the turnover tax incentives and income tax incentives,leading the continuous flow of social capital to photovoltaic companies,thereby reducing the risk of R&D innovation in the early stage of photovoltaic enterprise development,alleviating the financing difficulties faced by photovoltaic enterprises in the mid-term development,and ultimately increasing Corporate profitability and leading industrial development.In view of this,this article will conduct a comprehensive study of the preferential tax policies for the photovoltaic enterprises,and select real financial data of some listed photovoltaic companies for empirical analysis,Study the true role of preferential tax policy on the development of photovoltaic industry by combining qualitative and quantitative methods,and combine the constraints of the development of the photovoltaic industry,to put forward suggestions to provide ideas for improving preferential tax policies on China’s photovoltaic industry and enhance the operational level of enterprises.this article firstly introduces the basic concepts of the tax incentives,the photovoltaic industry and the performance of enterprise,analyzes the theoretical basis for tax incentives to promote the development of the photovoltaic industry from three aspects: externality theory,sustainable development theory,and product life cycle theory,and specifically analyzes the impact mechanism of preferential tax policy on the operating performance of photovoltaic enterprises.Secondly,the current development situation and existing problems of China’s photovoltaic industry are studied.The tax incentives that China’s photovoltaic enterprises can enjoy are carefully sorted out from the two aspects of tax support policies specially aimed at photovoltaic enterprises and tax policies benefiting photovoltaic enterprises under the background of tax reduction.After that,according to the financial reports of listed companies released by CSMAR Database and www.cninfo.com.cn,Relevant data of major financial indicators such as return on total assets(ROA),total assets,total liabilities and net fixed assets of 65 photovoltaic enterprises listed in Shanghai and Shenzhen from2010 to 2018 were collected as panel data for multiple regression analysis.The following conclusions are obtained through research:(1)Reducing the tax burden on the turnover tax of photovoltaic enterprises can improve the performance of photovoltaic enterprises.The heavy burden of turnover tax will increase the business burden of the company,increase the business risk,and then affect the business performance of the enterprise;(2)Reducing the tax burden of corporate income taxes of photovoltaic enterprises can improve the operating performance of photovoltaic enterprises.On the one hand,corporate income tax expense,as a deduction for calculating net profit,has a direct impact on the business performance of the company,and on the other hand,enterprises will adjust their investment and financing behaviors to improve business performance in the face of preferential tax policies;(3)There is a positive correlation between the scale of photovoltaic enterprises and their business performance.Asset-liability ratio and capital intensity of photovoltaic enterprises are negatively correlated with business performance,while enterprise age is positively correlated with enterprise performance.On the basis of the above analysis,it is concluded that China should increase the tax incentives for photovoltaic companies,in the meantime,appropriately increase preferential tax policies for photovoltaic enterprises,such as improving the valueadded tax incentives,shortening the depreciation period of photovoltaic products,appropriately relaxing the pre-tax deduction standard for research and development equipment,and increasing the preferential tax policies for upstream companies in the photovoltaic industry,etc.,to reduce the tax burden on photovoltaic companies and promote the healthy and long-term development of photovoltaic companies.In addition,while maintaining their stable operation,enterprises can adjust financial structure moderately,reduce the asset-liabilities ratio,expand the scale appropriately,so as to improve corporate performance and the ability to deal with risks.更多还原