The Resource Allocation Effect of Fiscal Subsidies on Strategic Emerging Industries:A Case Study of the Photovoltaic Industry
The photovoltaic industry is one of the strategic emerging industries in China.Its development is of significant importance for adjusting energy industries,advancing the revolution of energy production,and promoting the construction of ecological civilization.In order to promote the healthy and orderly development of the photovoltaic industry,fiscal subsidy is a common policy tool.In recent years,under the dual effects of national policy guidance and technical innovation,the photovoltaic industry has maintained a rapid growth trend,with the industry scale continuously expanding and technology undergoing constant iterations and upgrades.Among the various support policies for the photovoltaic industry in China,fiscal subsidies are extremely important.The purpose is to correct the"market failure"to support the development of the infant photovoltaic industry.Similarly,developed countries such as the United States,Germany and Japan have fiscal subsidies for the photovoltaic industry.While enhancing the resilience of domestic photovoltaic companies against the impact of anti-subsidy and anti-dumping policies from the United States,Europe,and other countries,it can also improve the independent development capability of the domestic photovoltaic industry to quickly occupy and expand market share globally.Aiming at whether fiscal subsidies can promote the high-quality development of the photovoltaic industry by enhancing resource allocation efficiency,this paper empirically investigates the impact of fiscal subsidies on inter-enterprise resource allocation and its mechanism by utilizing data from listed companies in China's photovoltaic industry from 2006 to 2021 as the sample.The empirical study reveals the following findings:An increase in fiscal subsidies significantly reduces productivity dispersion among photovoltaic companies,thereby enhancing resource allocation efficiency.On average,a one percentage point increase in fiscal subsidies leads to a decrease of approximately 0.021 percentage points in resource mismatch between photovoltaic companies.This conclusion is still valid after the robustness test of index replacement,effect of anti-dumping and countervailing policy,endogeneity analysis and exogenous impact test.The positive impact of fiscal subsidies on resource allocation is particularly pronounced for state-owned companies,incumbent companies,companies operating in the downstream industrial chain as well as companies located in areas with lower light resources.Mechanism analysis indicates that fiscal subsidies promote resource allocation by easing financing constraints,fostering growth equality among companies and reducing R&D risks.These conclusions provide empirical support for the implementation of fiscal subsidy policies aimed at promoting the high-quality development of the photovoltaic industry.Under the current backdrop of large-scale tax and fee reductions and fundamental changes in fiscal revenue in China,whether fiscal subsidies can truly play a role and promote the improvement of resource allocation efficiency among enterprises in the photovoltaic industry has become an important issue that policymakers and academics need to address.Therefore,this paper undoubtedly has important theoretical and policy significance.Compared with the existing literature,the marginal contribution of this paper is as follows:Firstly,this paper starts from the micro perspective of photovoltaic companies in the field of new energy,focusing on resource allocation among different enterprises within the photovoltaic industry,extending the research on the microeconomic effects of financial subsidies.Secondly,it emphasizes the analysis of the enhancement of resource allocation efficiency of financial subsidies to strategic emerging industries,providing theoretical and policy bases for fiscal policies to promote the development of strategic emerging industries.Thirdly,it discusses the mechanism of the effect of fiscal subsidies on resource allocation from three aspects:reducing financing constraints,promoting the equalization of the size of enterprises,and reducing innovation risk,providing a scientific basis for improving the effects of fiscal policies in practice.
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