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

Under the background of carbon peak and carbon neutrality,developing the new energy power generation industry represented by wind power generation and solar power generation is an important measure to achieve the goal of "double carbon".At present,in order to support and accelerate the development of new energy power generation,the government has introduced a series of policies to promote the development of new energy power generation industry.Government subsidies are an important means to support the stable development of new energy power generation enterprises in the market.It is of great significance to study their impact on the performance of new energy power generation enterprises.Existing studies have shown that government subsidies have a significant impact on the performance of new energy power generation enterprises.However,questions such as how government subsidies affect enterprise performance and whether the effect of subsidies is affected by the intermediary factor-R&D input are worthy of further study.First of all,this paper reviews relevant literature at home and abroad to define the relevant concepts of government subsidies and enterprise performance.Secondly,based on theoretical basis and scholars’ research,hypothesis is proposed and theoretical model is established.Shanghai and Shenzhen A-share listed new energy power generation enterprises are selected as research samples to construct multiple linear regression model and intermediary effect test model,and empirical analysis is made on the effect and mechanism of government subsidies on the performance of new energy power generation enterprises.Finally,the paper selects China Energy Saving Wind Power Co.,Ltd.to analyze the influence of government subsidies on its corporate performance from a micro perspective.The results of this paper show that:1.There is an inverted "U"-shaped relationship between government subsidies and the performance of new energy power generation enterprises;2.There is an inverted U-shaped relationship between government subsidies and R&D input of new energy power generation enterprises;3.R&d investment plays a mediating effect between government subsidies and the performance of new energy power generation enterprises;4.compared with non-state-owned enterprises,government subsidies of state-owned enterprises have a more significant inverse "U"-shaped relationship with corporate performance;5.Case analysis shows that government subsidies have a significant impact on the enterprise performance of China China Energy Saving Wind Power Company.Finally,based on the research conclusions,this paper puts forward the following suggestions from the perspective of the government and enterprises:Government subsidies should pay attention to the long-term effect,and avoid excessive subsidies after reaching the critical value,so as to avoid the "crowding out effect" on the overall development of enterprises and even the industry.New energy power generation enterprises should constantly improve their innovation ability and make effective use of government subsidies.