Research On The Impact Of Government Subsidies And Executive Characteristics On R&D Investment Of Listed New Energy Companies

In recent years,with the rapid reduction of fossil coal and other fuels and the increasingly serious environmental pollution,the development speed of the traditional energy industry has gradually slowed down,and the new energy industry with abundant resources and clean environment has grown rapidly,which has become an emerging industry that countries attach great importance to at present.China has also introduced a series of laws and regulations to encourage the development of new energy industry.But the R&D investment in the new energy industry,which is still in its infancy,still has much room for improvement,and its scientific and technological innovation ability plays a crucial role in the development of enterprises and the progress of the whole new energy industry.The whole management team of an enterprise plays a leading role in R&D investment activities,and the decision-making direction of senior executives determines the strength of the company's R&D ability.Therefore,it is of great theoretical and practical significance to analyze the relationship between government subsidies and R&D investment of listed new energy companies,as well as the characteristics of senior management team to regulate the relationship.Based on the data of 104 listed companies in new energy industry in Shanghai and shenzhen from 2009 to 2018,this thesis empirically studies the relationship between government subsidies and R&D investment intensity,and proposes specific countermeasures and suggestions based on the research results.First,the research background,purpose and significance are elaborated,the research status at home and abroad is analyzed.At the same time,the relevant theoretical basis is introduced.Secondly,eight variables including senior executives age,gender,tenure,education,overseas background,senior executives team size,senior executives compensation and senior executives shareholding were selected as the characteristics of senior executives' team to analyze the current situation of government subsidies,R&D investment and senior executives' team characteristics of listed new energy companies.Third,in view of the government subsidies on new energy R&D investment in the listed company and the regulating effect of the senior management team characteristics on the influence of the empirical analysis,using SPSS software,in turn,carries on the descriptive statistics and correlation analysis,and the new energy research and development of listedcompanies for the investment intensity and R&D input intensity are explained variables,the government subsidy as the explained variable,senior management team characteristics as a moderator variable for the empirical analysis,through the regression analysis and robustness testing results.The empirical results show that the government subsidies is to promote R&D,executive education,overseas background,team size,executive compensation and executive holdings of government subsidies and R&D have a significant positive correlation between positive adjustment effect,and the age,male executives,executive term is negative for the regulating effect of the regulating effect of weak executive term;Among them,executive age has no moderating effect on the correlation between government subsidy and R&D personnel.Finally,based on the conclusion of empirical research,this paper proposes some Suggestions to improve the r&d investment of listed new energy companies from the perspectives of government subsidy,background characteristics of executive team and executive incentive.