Government Subsidies To Photovoltaic Enterprises In China Research On The Impact Of Performance

With the rapid growth of China's economy and the improvement of ecological civilization,the drawbacks of traditional thermal power generation are becoming more and more obvious.Solar photovoltaic power generation has many advantages,such as full cleanliness,high security,relative universality,adequacy of resources and potential economy.It plays an important role in the long-term energy strategy.However,in the initial stage,photovoltaic enterprises need the support of national policies because of the characteristics of large investment,slow profit,high technology intensity and strong positive externalities.Therefore,discussing the impact of government subsidies on photovoltaic enterprises is helpful to reflect on the effectiveness of the current government subsidies on the development of photovoltaic enterprises in China.Based on the current situation of photovoltaic enterprises in China,the following assumptions are put forward:(1)Government subsidies have a positive impact on the economic performance of photovoltaic enterprises in China.(2)Scale expansion investment plays an intermediary role in the impact of government subsidies on the economic performance of enterprises.(3)The effect of government subsidy on the scale expansion of photovoltaic enterprises is greater than the improvement of economic performance.Eighty photovoltaic companies listed on domestic and foreign stock exchanges from 2007 to 2017 were selected as research samples.According to the development of photovoltaic industry in China,the research was divided into two stages: the first stage: 2007-2012,the second stage: 2013-2017.The data of2007-2012 and 2013-2017 in the sample were analyzed empirically.The results show that:(1)During the period of rapid expansion of China's photovoltaic industry from2007 to 2012,in the environment of industrial policy adjustment,government subsidies have a significant effect on the economic performance of enterprises,and government subsidies have a significant effect on the expenditure of enterprise scale expansion.The effect of government subsidies on enterprise scale expansion is greater than that of enterprise economic performance.The investment of enterprise scale expansion is supported by government subsidies.The impact of economic performance plays a mediating role.(2)From 2013 to 2017,when the domestic policyenvironment and market environment tended to be stable,government subsidies still significantly promoted enterprise scale expansion,while promoting enterprise economic performance,but the intermediary effect of scale expansion expenditure in the role of subsidies in promoting enterprise performance disappeared.It can be concluded that China's photovoltaic power industry is still in the growth stage.Based on the above empirical analysis,this paper puts forward countermeasures and suggestions to further improve the subsidy policy and promote the healthy development of photovoltaic industry:(1)Strengthen industrial innovation,cultivate domestic market,optimize market environment,sustain technology research and development subsidies,stop direct infrastructure subsidies,and promote technological innovation.(2)Expanding the market scale,reducing excessive government intervention in enterprise investment decisions,adjusting subsidies at different stages,and changing distortions in factor markets.(3)Strengthen investment and financing guidance,simplify procedures,improve industry information collection and dissemination mechanism,and improve market access system.