| The report to the 19 th national congress of the communist party of China calls for green development,a revolution in energy production and consumption,and a clean,low-carbon,safe and efficient energy system.For a long time,China’s excessive dependence on the energy use of fossil fuels such as oil and coal has not only seriously damaged the ecological environment,but also caused huge economic losses.National economic development is closely related to the level of the ecological environment.Comprehensive and coordinated economic development requires us to develop new energy and improve the ecological environment,so the new energy industry has broad prospects for development.The new energy industry is an emerging industry,its core competitiveness is the ability of R&D innovation,and due to the strong positive externality of R&D investment,the government’s financial subsidies are needed to intervene.However,with the increase of financial subsidies,rent-seeking phenomenon will occur,which will cause serious crowding out effect on R&D investment,and even "subsidy cheating" phenomenon,which will cause uncertainty for the growth of performance of new energy enterprises.Therefore,it is of great significance for the long-term healthy development of China’s new energy industry to study the impact of financial subsidies on R&D investment and the impact on enterprise performance.In this paper,after the description of research background and significance,first of all,the classification of the related literature at home and abroad are summarized.Then combined with the externality theory,technology innovation theory and information asymmetry theory,the mechanism analysis of financial subsidy and R&D investment,R&D investment and enterprise performance,and the intermediary role of R&D investment in financial subsidy and enterprise performance was carried out.At the same time,the influence of enterprise nature on the relationship between financial subsidies and R&D investment is discussed.Secondly,it analyzes the current situation of financial subsidies,R&D investment and enterprise performance in China’s new energy industry,proposescorresponding research hypotheses,selects 166 A-share listed new energy companies from 2014 to 2018 as research samples,and establishes the intermediary effect model for empirical analysis.The results show that:(1)financial subsidies have a positive effect on R&D investment,and the promotion effect of financial subsidies on R&D investment of non-state-owned enterprises is more obvious than that of state-owned enterprises.(2)the current R&D investment has a negative impact on enterprise performance,while the positive impact of R&D investment on the performance of new energy enterprises has a lag;(3)fiscal subsidies have a positive impact on the performance of new energy enterprises;(4)R&D investment plays a part of intermediary role in the relationship between financial subsidy and enterprise performance.Finally,combined with the research conclusion of this paper and the actual subsidy situation of the new energy industry in China,it provides practical suggestions for the government to adjust the fiscal subsidy policy and promote the healthy development of the new energy industry.At the same time,it provides theoretical support for enterprises to make rational use of the fiscal subsidy and strengthen the R&D investment,so as to improve the performance of enterprises. |
PDF Full Text Request