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  

Environmental Uncertainty,Tax Incentive Policy and Investment Efficiency ——Based on Renewable Energy Enterprises

作　　者：唐安宝[1] 刘娇[1] Tang Anbao;Liu Jiao(School of Management, China University of Mining and Technology, Xuzhou 221116, China)

机构地区：[1]中国矿业大学管理学院,徐州221116

出　　处：《工业技术经济》2019年第5期79-88,共10页Journal of Industrial Technological Economics

基　　金：国家自然科学基金"基于系统视角的可再生能源投资影响因素;多维效应及政策体系研究"(项目编号:71874185)

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 environ mental 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 energyby 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, whileitis-7 85ofthenon-state-ownedenterprises, 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%, whichis 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 incen tive policies by the government, for renewable energy enterprises to better adapt to market-oriented development and for more effec tive intervention in market economy by the government.

关 键 词：环境不确定性 税收激励政策 投资效率 可再生能源 随机前沿模型 政府干预 

分 类 号：F832.5[经济管理—金融学] F276