| The Chinese economy is in the stage of transition from high-speed development to high-quality development.To achieve high-quality economic development,improving independent innovation capability is the key.In the report of the Nineteenth National Congress of the Communist Party of China,more than 10 mentioned science and technology,more than 50 emphasized innovation,and pointed out that innovation is the first driving force for development.After the Chinese economy enters the new normal,problems such as energy shortages and environmental pollution have become severe tests for sustainable economic development.In the context of the transformation and upgrading of China’s economic structure,the new energy industry as a strategic emerging industry has attracted the attention of governments at home and abroad for its environmental protection and recyclable characteristics.Since 2006,the state has issued a series of policies to support the development of the new energy industry.Among them,government subsidies for the new energy industry have played an important role in helping companies reduce R&D risks,mobilize their enthusiasm for R&D,and promote the growth of corporate performance.An important means of macro-control.New energy companies need a lot of capital to invest in R&D activities,and government subsidies for new energy companies have alleviated the financial pressure of new energy companies to a certain extent.Whether new energy companies will effectively use government subsidies in R&D activities and drive Issues such as business performance growth have become key issues in the development of new energy companies in China.In recent years,the new energy industry has been developed on a large scale with the encouragement of the state.Throughout the existing literature,scholars’ research has focused on the impact of government grants on corporate performance and R&D investment on corporate performance and its lag period,using government grants as a moderating factor to study the impact of its investment in corporate R&D on corporate performance There are few relevant literatures that have played a regulatory role.Therefore,on the basis of domestic and foreign researches,this paper combined 59 external energy companies,stakeholder theories and contingency theories,selected 59 new energy listed companies from 2014 to 2018 as research objects,and empirically analyzed the R&D investment and The relationship between enterprise performance,the relationship between government grants and R&D investment,and the moderating effect of government grants between R&D investment and enterprise performance.This paper hopes to use the empirical results of the above research to provide reasonable and feasible suggestions for the government’s future adjustment of new energy industry policies and the improvement of the market competitiveness of new energy companies.At the same time,it will increase the efficiency of government subsidy funds,increase corporate research and innovation,and achieve corporate The stable growth of performance provides theoretical support.This article makes descriptive statistics on the samples and establishes multiple regression models for empirical analysis.The results of the empirical study found that there is a significant positive correlation between R&D investment and corporate performance,government subsidies and R&D investment,and through the adjustment effect,it can be seen that the impact of new energy listed companies’ R&D investment on corporate performance has also received government subsidies Positive regulation.According to the empirical research results,this paper proposes an optimization plan for the government’s subsidy policy for new energy companies,thereby promoting new energy companies’ technological innovation and research and development activities,and improving corporate performance. |
