Research On The Impact Of Government Subsidies And Digitalization On Technological Innovation Of New Energy Enterprise

The report of the 20 th National Congress of the Communist Party of China proposes that to achieve sustainable development,China needs to accelerate the construction of a new energy system and strengthen climate change governance at this stage.However,there are currently problems with low utilization rate,high uncertainty,and significant safety hazards in new energy sources such as solar and wind energy in China,which urgently require technological innovation and product upgrading by new energy enterprises.Therefore,the Chinese government has introduced a series of subsidy policies.Can the government’s fiscal incentive policies become an important external factor affecting the innovation activities of new energy enterprises? In the digital age,the digitalization of enterprises,which affects resource allocation and value creation methods,may bring new vitality to technological innovation.Can new energy enterprises seize the opportunity and use subsidies to develop digital resources to improve their technological innovation levels? This may provide new ideas for the impact of government subsidies on the technological innovation of new energy enterprises in the digital era.In addition,the top management team with digital experience within the organization may play an important role in the development and utilization of digital capabilities in the enterprise,and this organizational characteristic has received little attention.Based on this,this paper mainly explores whether and how government subsidies can affect the technological innovation of new energy enterprises.Firstly,based on the resource-based view,signal transmission theory,and the upper echelons theory,this paper uses literature research method to propose relevant research hypotheses on the relationship between government subsidies,enterprise digitalization,top management team digital experience,and technological innovation.Secondly,using 225 new energy A-share listed companies from 2010 to 2020 as research samples,a panel fixed effects regression model is used to test the research hypothesis.This paper mainly tests the mediating effect of enterprise digitalization and the moderating effect of digital experience of top management team in the process of government subsidies on technological innovation.Finally,to further improve the pertinacity of subsidy policy formulation and the utilization efficiency of subsidy resources,this paper divides government subsidies into digital subsidies and non digital subsidies,and analyzes their differences in impact on enterprise digitalization and technological innovation.The main conclusions of this paper are as follows: firstly,government subsidies and enterprise digitalization have a positive promoting effect on technological innovation of new energy enterprises,and the positive effect of government subsidies on technological innovation of new energy enterprises can be partially achieved through enterprise digitalization.Secondly,the digital experience in top management teams positively moderates the promoting effect of government subsidies on firm digitalization,but it has no significant difference in the impact of firm digitalization on technological innovation.It shows that the combination of digitalization and existing technology may become the common strategic pursuit of decision-makers in the digital era.The digital experience of the top management team will play a more important role in improving the investment motivation of enterprises’ digital construction and the efficiency of resource.Thirdly,from the perspective of subsidy types,both digital and non digital subsidies promote technological innovation in new energy enterprises,and digital subsidies have a positive effect on enterprise digitalization,while the promotion effect of non digital subsidies on enterprise digitalization is not significant.It shows that digital subsidies can more accurately guide enterprises to carry out digital transformation and further improve the level of technological innovation.However,due to the lack of understanding and experience of enterprises to use complementary resources to build digital systems,the role of non digital subsidies on enterprise digitalization is not obvious.Finally,based on empirical results,this article provides corresponding countermeasures and suggestions from the perspectives of the government and enterprises.For example,how can government subsidy policy formulation,digital construction of enterprises,and configuration of top management teams better promote the improvement of enterprise technological innovation level.The aim is to maximize the efficiency of government subsidy utilization in the digital era,improve the technological innovation level of new energy enterprises,and further promote the transformation and upgrading of China’s new energy industry.