Research On The Impact Of Government Subsidies On The Performance Of New Energy Listed Companies

As the global economy continues to develop,continue to consume energy,more and more countries adopt policies to encourage the development of new energy,production scale and scope of new energy is constantly expanding.Environmental protection,energy conservation,low-carbon life has become the subject of countries'concerntation,the golden age of the new energy industry is coming.At present,Chinese energy and environmental issues are serious,the development and widespread utilization of new energy has got more and more concerns,new energy vehicles,solar,biomass and other industries are expanding,new energy not only solves the problem of the shortage of conventional energy supply,but also effectively reduces environmental pollution.As the new energy has the following characteristics:(1)large initial investment of new energy industry and highly dependent on economies of scale.(2)the new energy industry has a positive externality characteristics.(3)the new energy is a strategic resource.(4)The new energy industry is facing problems of the energy supply.Capital market reflects the limitations to these features of the new energy industry,so the new energy can not rely solely on market forces to achieve rapid and stable development,it's necessary to formulate relevant government incentive policies to promote the development of new energy.New energy as a strategic environmental resource in China's economic development from 2009 to 2013,it has received more and more government subsidies in the past five years,compared to 2009,in 2013,the government subsides of new energy industry has rised to 1.0714 billion yuan,particularly in the stated-owned enterprises,but new energy industry's private companies is receiving more and more government subsidies.Then,whether the government's increasing subsidies to the new energy industry can improve the companies's performance?It is a topic which is worthy to draw attention and study,this article starts to demonstrate according to the topic,its purpose is to make a clearer understanding of the government's behavior to the industry.In this paper,it uses the methods that combines the normative analysis with the empirical analysis.First of all,it introduces the external theory,asymmetric information theory,rent-seeking theory,the principal-agent theory to study the government's behavior,then using the Eviews6.0 statistical software to make empirical analysis to the panel statas of the companies which has received government subsidies continuely from 2009 to 2013 in new energy industry,the empirical findings are:(1)government grants can not promote short-term operating efficiency of new energy industry,but can significantly improve the long-term business benefits of new energy industry.(2)comparing the impact of government subsidies to new energy industry between state-owned and private companies,government subsidies can promote short-term and long-term operating efficiency in state-owned companies in relative to private companies.According to the development of new energy industry,the current performance of government subsidies to new energy industry as well as empirical results of the government subsidies,we propose the following suggestions:(1)The government should vigorously develop the financial industry to support the companies of new energy industry.(2)The new energy industry should follow the laws of the market's development and play fully the guiding role of the market,in order to achieve efficient allocation of resources.(3)Government should improve the government subsidies' disclosure mechanism to establish an open and transparent evaluation system to the government subsidy.(4)Government should actively guide the subsidies to support private listed companies in new energy industry.(5)Government subsidies should pay attention to the scientific research and the technological innovation.