| Based on such theories as product life cycle,externality,transfer payment,government subsidy and through researching a large number of literature and journals,the paper makes a detailed study of the current development of photovoltaic industry in China,sorts out the subsidy policies and R&D investment of photovoltaic industry.At the same time,the main financial indicators including ROA and ROE of the 47 listed companies in A-share market from the year 2007 to 2017 are collected so as to form sample data.Statistical analysis is used to summarize the sample data through regression analysis.It is found that the intensity of industrial subsidies is negatively while R&D investment positively correlated with firm performance.The size and asset-liability ratio are negatively correlated while the shareholding ratio of the top shareholder and operation cash flow are positively with firm performance.According to the analysis results,it is concluded that PV industry should achieve grid parity without subsidies and the enterprises should increase R&D investment moderately and migrate to the industrial chain upstream with high added value and gradually promote the industry to technology-oriented direction.Meanwhile,on the premise of ensuring sufficient investment in R&D,enterprise scale should be moderately controlled,redundant functions should be reduced,and cost expenditure should be strictly restricted as well.Photovoltaic enterprises should also reduce L/A ratio,rationally adjust the financing structure,and improve the efficiency of capital utilization.In addition,PV enterprises shall improve the shareholding ratio of the top shareholder while ensuring a steady increase of the operation cash flow to consolidate their market performance. |
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