Government Intervention,New Energy Business And Enterprise Value

The rapid development of China in the past few decades,relies heavily on the support of traditional energy.But in the traditional energy draining,under the current situation of the serious pollution of the environment problem,in order to ensure the healthy sustainable development of economy,countries are actively looking for alternative sources of energy to get rid of energy woes.In recent years,along with the advancement of the new wave of industrial revolution,more and more important breakthroughs emerge in new technology.Among them,the new energy sources with clean pollution-free,circulating renewable,and many other advantages,stand out from the energy predicament,became the focus of each country.China has adopted a positive policy guidance to help enterprise to develop new energy business,institutional environment as important background factors influencing enterprise to develop new business,need to be consider.And the main way of energy utilization is power generation.Therefore,based on the traditional power generation enterprises undertaking new energy exploration as the breakthrough point,we discussed whether traditional energy industry should conform to The Times actively developing new energy business,and government intervention in the process of effect.This paper combed the related literature and works on the related concepts and theories,and combined with the status quo of listed companies in the power industry,put forward the background of government intervention.In this paper,through the screening we made 31 listed companies as research samples,during 2008-2015 data in a series of empirical analysis,discussed the conditions affected by government intervention,the traditional power generation enterprises to develop new energy business behavior have any influence on the enterprise value.According to the result of empirical analysis,a series of conclusions are drawn:(1)The sample of new energy business development degree is positively related to the enterprise value;(2)More affected by government intervention in the enterprise,the business enterprise value brought by the new energy will cause a degree of wreck;Less affected by government intervention,the enterprise value brought by the new energy will be more evident.Finally,according to the result of empirical study,this paper respectively from the perspective of government and enterprise,puts forward a series of countermeasures and suggestions,and the future research are prospected.