Research On The Effect Of Government Subsidies On The Performance Of Listed New Energy Companies

In 2018,the global economic recovery continued,and with the steady development of the economy,energy consumption also increased.As an important strategic resource,new energy has not only solved the problem of insufficient supply of traditional energy,but also reduced environmental pollution.It has reformed the open utilization of traditional energy,promoted the application of new energy and new technologies,and made the construction of a new energy system the world’s energy development direction.As the largest developing country in the world,China’s economy is developing with each passing day,and the consequent energy shortage and environmental pollution are becoming increasingly prominent,and the popularization of new energy technology is more urgent.In order to support the development of the new energy industry,the Chinese government attaches great importance to the development of new energy enterprises and actively provides financial subsidies.According to the data,the government subsidies in the new energy sector continue to increase.Taking the recent five years from 2014 to 2018 as an example,the new energy government subsidies increased by nearly 9 billion yuan.Therefore,whether the financial subsidy from the government subsidy to the listed companies of new energy has an obvious positive effect on the performance of enterprises has been widely concerned by scholars at home and abroad.On the basis of previous scholars’ research,this paper conducts a more detailed study on this topic,aiming to obtain the effect of government subsidies on listed companies of new energy,and provide references for the future government subsidies.Based on previous scholars’ research,this paper takes rent-seeking theory,information asymmetry theory,pegu theory and naive industry protection theory as the theoretical basis.By collecting new energy subsidies from the governments of listed companies from 2012 to 2018,by using the statistical software,stata12 for new energy effect of government subsidy to its performance of listed companies from the attribute of property rights,industry and ownership concentration study,empirical research results are as follows:(1)through the performance of new listed companies to receive government subsidies for empirical research found that the government subsidies are negatively related with corporate performance.(2)in the research based on the property right nature,the negative impact of government subsidies on the performance of listed new energy enterprises is far greater in state-owned enterprises than in private enterprises.(3)in the research based on industry nature,government subsidies for geothermal energy and hydrogen energy enterprises have a positive impact on enterprise performance.For new energy vehicles,wind power generation and photovoltaic enterprises,government subsidies have a negative impact on enterprise performance,and new energy vehicles have the greatest negative impact.(4)in the research based on equity concentration,with the increase of equity concentration,the negative impact of government subsidies on enterprises increases significantly.According to the results of empirical research,combined with the present stage new energy development of listed companies,this paper puts forward the following Suggestions:(1)increasing regulatory scrutiny for the enterprise.(2)to prevent the enterprise and the government conspiracy(3)improve the system of the disclosure of the companies(4)new energy listed companies should limit major shareholders holdings(5)perfect the executive compensation incentive system.