Empirical Study Of The Influence Of Government Subsidies On The Performance Of New Energy Enterprises

Under the guidance of the policy of energy conservation and emission reduction caused by global warming and the policy of sustainable development in China,the new energy industry has attracted the government's attention and achieved rapid development because of its low environmental pollution,rich resources reserves and recyclable utilization.However,the development of the new energy industry in China is not smooth.It has experienced a tortuous stage of growth,falling to low and slow recovery.The government has given a lot of subsidies to support its development.New energy enterprises have the characteristics of capital intensive and technology intensive,and the enterprise's product research and development,technology upgrading and production and sales need a large amount of capital investment.Therefore,the investment of enterprise R & D and test development(R&D)has become the core question in the development of new energy enterprises in China.This paper based on the theory of externality,technology innovation and production factor,discusses the relationship between the government subsidies,R & D input and enterprise performance of the new energy industry to measure the actual effects of the government subsidies in the new energy industry,and discuss the influence factors and effects of government subsidies on the R & D investment of the enterprises,and study the effects of the government subsidies on the R & D investment of the enterprises.The mediating mechanism and the regulating mechanism of R & D input on government subsidies and corporate performance are also analyzed.Through the above research,it is expected to provide practical suggestions for the government to adjust the subsidy policy and promote the healthy development of the new energy industry.At the same time,it provides theoretical support for enterprises to make rational use of government subsidies,to adjust R & D investment activities,and to improve enterprise performance.Based on the panel data of new energy listed companies from 2012 to 2016,multiple regression models were established for empirical analysis.The results of the empirical study found that government subsidies have a promotion effect on R & D investment of new energy enterprises,but different regional characteristics and different properties of new energy enterprises show different differences;enterprise R & D input has a positive effect on enterprise performance,but the effect has two years lag;government subsidies are on enterprise performance.The pulling effect does not appear until two years later,and the pulling effect is transmitted through the intermediary role of R & D investment.Research shows that the government should continue to strengthen financial subsidies to promote new energy enterprises to carry out technological innovation and R & D activities,and then improve corporate performance.