Research On The Impact Of Fiscal Subsidies On The Performance Of New Energy Enterprises

The new energy industry is of great importance to optimize the energy structure and promote the sustainable development of economy and society.The fiscal subsidy is one of the main policies and measures all over the world,which the governments promote the development of new energy industry,the Chinese government has also introduced a series of subsidy policies to promote the development of new energy industry in recent years.However,with the government subsidies to the new energy industry increased year by year,huge subsidies failed to effectively promote the business performance of new energy enterprises,people began to increasingly question the effect of the implementation of subsidy policy.Although fiscal subsidies for new energy enterprises is a kind of available resources,but excessive reliance on government subsidies is not conducive to the healthy development of new energy enterprises.Based on the government intervention theory,rent-seeking theory,institutional theory and property right theory,using the method of normative research and empirical research,this paper explore the impact of fiscal subsidies on the performance of new energy enterprises 'from institutional environment and nature of property right perspectives under the special institutional background of China.This paper contains five parts.The first part is the introduction,this part introduces the significance,ideas and methods of this research in the current background,and reviews the related literature about the motivations and economic consequences of fiscal subsidies and the influence factors of enterprise performance.The second part is the related concepts and theoretical basis,this part defines the related concepts of research objects and elaborates the government intervention theory,rent-seeking theory,institutional theory and property right theory.The third part is the institutional background,theoretical analysis and research hypothesis,this part describes the fiscal subsidy policy and profit situation of China's new energy industry,analyzes the mechanism of fiscal subsidies impact on the performance of new energy enterprises and puts forwards the research hypothesis of this paper.The fourth part is the empirical research,this paper selects the new energy listed companies from 2010 to 2015 in China's A-share market as the research samples,and uses the method of multiple regression analysis to test the hypothesis of this paper.The fifth part is the research conclusions,policy recommendations and future prospects.The study found that:(1)There is a significant negative correlation between the financial subsidies and the performance of new energy enterprises,which shows that the more fiscal subsidies for new energy enterprises,the lower its enterprise performance.(2)Under the perfect institutional environment,the negative impact of fiscal subsidy on the performance of new energy enterprises will be significantly reduced,indicating that the good institutional environment can weaken the negative impact of fiscal subsidies on the performance of new energy enterprises.(3)The fiscal subsidy for state-owned new energy enterprises has more inhibitory effect on its performance than that for non-state-owned new energy enterprises.The research of this paper provides a new perspective for further examination of the effect of fiscal subsidy,and also provides a theoretical basis for the government to formulate scientific and effective subsidy policy.