The Support Efficiency Of Government Subsidies For The New Energy Industry Listed Companies

Overview the global energy strategy in developed countries in recent years, developing the new energy has become the important part of the framework of the world’s energy strategy. After the financial crisis, the new energy industry has become the strategic emerging industries the developed countries depend to get rid of the crisis. In China, the "12th Five-Year Plan" has made new plans to the development of new energy. Developing the new energy is of great strategic significance for China to achieve the sustainable development. In recent years, the roles of government subsidies in China to guide the rational flow of resources, plan the industrial layout, and promote the industrial structure optimization and upgrading have been gradually strengthen, and the government subsidies support the development of new energy have been granted into widespread concern. Whether annual investment from the government subsidies is really conducive to the improvement of the operating performance of the new energy listed companies, whether the government subsidies helps to improve the social benefits, which is to say, whether the government subsidies for overall support of the new energy listed companies is efficiency, that is a theory and reality problem deserving concern.In this paper, the research methods of normative analysis and empirical analysis, qualitative analysis and quantitative analysis are used. The relevant theory, Externality Theory, Welfare Economics Theory, Stakeholder Theory, The Theory of Public Finance, and Rent-Seeking Theory are introduced to analyze the necessity of the existence of government subsidies and low efficiency it may lead to from both positive and negative aspects.In this paper,65new energy companies listed in China’s Shanghai and Shenzhen A shares from2007-2010are chosen as a sample, and the support efficiency of government subsidies is divided into operating performance and social benefits. Three hypothesis are proposed:1.Government subsidies and operating performance of the new energy listed companies are correlated, and the correlation is positive;2.Government subsidies and social benefit of the new energy listed companies are correlated, and the correlation is positive;3.State-owned enterprises can get more government subsidies, and the degree of performance improvement of the new energy listed companies is more obvious.EVIEWS6.0statistical software is used to build panel data model, and the empirical research results are as follows. In terms of the enterprise performance, subsidy is negative correlation to the ROE of the new energy listed companies, but positive correlation to the net cash flow from operating activities. Enterprise nature is negative correlation to the ROE and the net cash flow from operating activities. In terms of enterprise social benefits, subsidy is negative correlation to the tax contributions and the number of employees per one million yuan assets. Enterprise nature is negative correlation to the tax contributions, but positive correlation to the number of employees per one million yuan assets.From the results of the empirical research,5suggestions are proposed:1.The government should change the concept to comply with the rules of the market, and realize the resource configuration optimization.2. New energy listed companies should improve their profitability fundamentally.3. More regional factors should be considered in government subsidies.4. Prove the government subsidies disclosure system, and set up a government subsidy efficiency evaluation system.5. Develop enterprise finance, and strengthen the financial support of the new energy listed companies.This paper has realized the innovation in the following respects.1. The systematic industry research was conducted for new energy listed companies, which has specific target.2. Broaden the scope of the subsidy to the enterprise support efficiency.3. The empirical research is conducted to the new energy industry, so that the data is informative and persuasive. This paper studied the influence of the government subsidies to the operating performance and the social benefits under the background of the implementation of new Accounting Standards. The research field is more innovative, and the research data is more updated, and the research perspective is broader, so that it has a better theoretical and practical significance.