Research On The Relationship Among Government Subsidy Policy,Environmental Performance And Financial Performance

In the context of transition economy,striving to develop new energy industry is the catalyst to promote the economic structure's transformation and upgraded.As an important means of macroeconomic regulation and control,the government subsidy policy plays an important role in promoting the economy.Under a dual pressure from the energy shortage and environmental pollution,at the expense of the resources and energy consumption,environmental pollution mode of economic growth is difficult to sustain,and the bottleneck of resources,energy and environment restriction and contradictions become increasingly prominent.In recent years,the CPC Central Committee and local governments have issued a series of policies and a great deal of government financial subsidies to promote the development of new energy industry.Therefore,how to use the government's financial subsidies effectively has become a key problem urgently to be solved in the new energy industry.It is necessary and appropriate to pay full attention to the growing universality of government subsidy policies and environmental performance.This paper will focus on these three research objects: government subsidies,environmental performance and financial performance,and study the relationship among them.This paper is based on sustainable development theory,externality theory,resource and management efficiency theory,information asymmetry theory and stakeholder theory.Research sample based on 105 listed companies in new energy plate over 2011-2015 to inspection enterprise environmental performance and financial performance,the influence of government subsidy policy to the enterprise financial performance,and the policy adjustment effect between environmental performance and financial performance.The empirical results show that the environmental performance of enterprises can be propitious to improve their financial performance,but the dependence of enterprises on the subsidy policy leads to the decrease of the enterprise's financial performance,and the subsidy policy did not play a significant regulatory role between environmental performance and financial performance.Maybe,part of the new energy enterprises cannot effectively use or improper use of government subsidies,and did not use subsidies to carry out R&D,but non-performance or falsification of scientific research,whitewash their business performance to obtain subsidies;Some companies may have rent-seeking behavior,over-reliance on government financial subsidies,lack of incentives to improve operations and reduce costs,which causes the negative impact on financial performance.