Fiscal Subsidies,tax reductions,and three-chains coupling coordination of photovoltaic industry:Theoretical mechanism and effect analysis
LI Jing
XU Yuxin
MA Chao
HAN Dingkun
LI Wei
Abstract：The synergistic development of industry,innovation,and capital(IIC)chains of photovoltaic(PV)industry is an effective measure to promote the upgrading of PV industry.As a core instrument for promoting the sustainable development of the PV sector,the impact of industrial policies on PV IIC chains integration requires further empirical validation.Using Chinese listed PV enterprises,this study examines the effects of two major policy tools—fiscal subsidies and tax incentives.The findings indicate that the overall degree of IIC chain coupling in China's PV industry remains relatively low,with the eastern region outperforming the central and western regions.Both fiscal subsidies and tax incentives are found to promote IIC chain integration,with their combined effect being more significant,and tax incentives playing a stronger role.Firm size,average age,and asset-liability ratio positively influence integration,whereas R&D intensity and capital intensity exert inhibiting effects.Policy outcomes also vary regionally:in the east,both policies significantly enhance integration;in the central region,only tax incentives are effective;and in the west,fiscal subsidies are more impactful while tax incentives show a suppressive effect.The paper proposes promoting PV IIC chain integration from four perspectives:talent management,policy support,financial systems,and innovation mechanisms.
Keywords：PV industryindustry-innovation-capital chainsfinancial subsidiestax incentivescoupling coordination
Publication Date：2025-12-28
Online Publishing Date：2026-01-30(First online date of this platform, not the publication date of the document)
Pages：10( 170-179 )