The Impact Of Government Subsidies On The Investment Efficiency Of Energy Enterprises

Since the outbreak of the global financial crisis in 2008,governments around the world have introduced many policies to encourage the society to expand production and consumption in order to revive their economies.As a basic industry supporting social and economic operation,energy industry is inevitably affected by these policies.Over the past 10 years,Chinese subsidies which are the cumulative increase of fossil fuel subsidies by 50% are at a medium level compared with Russia,Norway and Italy three countries with the lowest 350% subsidy growth and the Nordic countries,led by Denmark,the Netherlands,80% subsidy cuts,but the subsidies for renewable energy reached the world's highest level.Since China is still in the stage of transitional economy,the government has controlled certain social resources and is able to guide the flow of social funds through its own influence.Government subsidy,as one of the means of economic intervention,through resource redistribution,plays an important role in making up for market defects,stimulating economic development and implementing industrial policies.Government subsidies can not only bring direct cash benefits to enterprises,but more importantly,may form certification effect,play a role in signal transmission,help enterprises to alleviate financing constraints,and make full use of external resources.As a basic industry supporting the operation of national economy,energy industry has long enjoyed the preference of national industrial policy,but enterprise behaviors are also regulated by the government.Especially in the context of China encouraging innovation-driven industrial development,how to deepen international cooperation in the energy industry,adjust the supply structure,balance economic benefits and social benefits and other issues have provided practical significance for discussing the impact of industrial policies on enterprise efficiency.This article holding with the view of the important value of investment in the company management and value creation.Take investment as the breakthrough point,with the use of energy in government subsidies data in financial statements of listed companies to portray the listed companies from 2007 to 2017 received government subsidies of the overall situation,found that the government subsidies to public entrepreneurship energy enterprise strength is greater than the subsidies for the public undertaking energy companies.With the questions of is the inclination of this policy reasonable? This paper attempts to answer it by evaluating the level of investment efficiency of subsidized companies and establishing a Tobit model and threshold model to test the relationship between government subsidies and investment efficiency.The results show that the investment efficiency of utility energy enterprises is higher than that of non-utility energy enterprises.At the same time,government subsidies have a significant positive effect on the investment efficiency of energy enterprises.Therefore,it can be judged that the government's subsidies to energy enterprises are reasonable and efficient,but the intensity of subsidy needs to be strictly controlled at the proportion of capital accounting for 5% of the enterprise's operating income,so as to play a significant role in promoting the growth of enterprise investment efficiency.According to these characteristics,on the one hand,the government should increase subsidies for non-state-owned energy enterprises to help them achieve economies of scale.In particular,increase the special subsidies for research and development of science and technology,and increase the investment efficiency of enterprises by improving the level of technological progress.On the other hand,it is necessary to increase subsidies for research and development of public energy enterprises,accelerate the optimization and upgrading of the energy industry structure,and achieve sustainable economic development.