Research On The Influence Of Government Subsidies On The Financial Performance Of New Energy Power Generation Enterprises

Government subsidies are important means to support new energy companies and provide a guarantee for the stable development of companies in the market.However,with the aggravation of subsidies and overcapacity,some companies’ performance has been affected.Therefore,studying the impact of government subsidies on the financial performance of new energy power generation enterprises is helpful to clarify the effect of subsidies on the financial performance of enterprises,and to solve the negative impact of lagging subsidies has certain practical significance.This paper combs the relevant literature at home and abroad,defines the relevant concepts of government subsidies and financial performance,and divides government subsidies into supporting subsidies and technological innovation subsidies based on the motivation of subsidies.Based on this.a theoretical model is built,combining theoretical models and Scholars have researched and put forward relevant assumptions.This article selects 158 listed companies in the three new energy power generation concepts of wind,photovoltaic and solar as the research objects,taking the total government subsidies,supporting subsidies and technological innovation subsidies as the explained variables;the return on assets and the Tobin Q value as the explanation Variables;corporate cash holding ratio,corporate size and corporate nature as control variables,using multiple linear regression and threshold regression for empirical analysis,the study shows:First,government subsidies have a negative impact on the short-term financial performance of new energy power generation companies.Among them,the total government subsidies have a negative impact on the short-term financial performance of new energy power generation companies.The negative impact of supporting subsidies on the short-term financial performance of the company is the largest in the current period and the lagging third period;.Second,subsidies of government can promote the long-term financial performance of new energy generation enterprises.Among them,the total amount of government subsidies has positive effects on long-term financial performance of enterprises in the current period,lagging behind one stage,lagging two phases and lagging three phases.Technological innovation subsidies have a positive impact on long-term financial performance of enterprises in the two phases of lag,and the impact is stronger with time.Third,technological innovation subsidies have a single threshold effect on the short-term financial performance of new energy power generation enterprises.Below the threshold,technological innovation subsidies are negatively related to short-term financial performance,and above threshold value,technological innovation subsidies do not affect short-term financial performance of enterprises.