Research On The Factors Affecting The Performance Of Chinese Shale Gas Enterprises

For a long time,China's oil and natural gas are highly dependent on foreign countries.With the depletion of coal resources,the transformation of the energy structure has become extremely important and urgent.Compared to oil and coal,natural gas has a relatively small impact on the environment.The success of the US “shale gas revolution” and China 's abundant reserves of shale gas have provided feasibility for China 's shale gas development,which has also helped to achieve China 's “energy security” strategic concept.In order to accelerate the development of the shale gas industry,the government has promulgated a series of support policies.It has been a while since these policies were promulgated,but it is not known whether they have achieved the expected results.At the same time,when combing the existing relevant literature,it can be found that most of the literature is only a qualitative analysis of the problems faced by the development of China's shale gas industry,but there are few documents on whether policies play a role.Therefore,this article starts from the effectiveness of government support and separately discusses the role and effect of fiscal subsidies and tax incentives on business performance.First,select listed companies in the shale gas industry from 2011 to 2018 as research samples,and establish a panel regression model to test the effects of financial subsidies and tax incentives on the business performance of related companies.Second,in order to solve the possible endogenous problems in the model,a Diff-GMM model was constructed.At the same time,the stability of the results obtained by the robustness test.Finally,the same regression and test were performed on a small sample after adding tax incentives,in order to prove the impact of it on business performance.The empirical results show that:(1)Different government support policies have different effects on the operating performance of shale gas-related companies.Fiscal subsidies have no significant effect on the operating performance of shale gas companies,but tax incentives have significant effects on it.(2)Crude oil prices and the operating performance of shale gas companies show a very significant positive correlation.This paper examines the impact of government support policies on the business performance of shale gas companies,finds some problems in the shale gas industry policy,and puts forward corresponding suggestions from the aspects of financial subsidies and tax incentives.