Persistence Of Government Subsidies,Market Hindrance And Performance Of New Energy Power Generation Enterprises

New energy has important economic ecological value and strategic significance.Since the new energy industry is listed as a Strategic Emerging Industry,China has continuously strengthened government subsidies to accelerate the cultivation of new energy industry.However,the continuous adjustment of new energy government subsidy policy since 2015 means that the decline of subsidy has become the biggest challenge for new energy power generation enterprises at this stage.In addition,under the influence of natural,market and policy factors,the power supply market,electricity spot market and power generation right trading market hinder new energy power generation enterprises from participating in power market trading,resulting in new energy power generation enterprises falling into the dilemma of abandoning electricity and power generation economy being damaged.Even if the enterprises get the government subsidy,the clean power can not be fully connected to the grid and the benefits can not be reflected in the income and performance.Therefore,it is imperative to study the effects of government subsidies persistence,market hindrance and both on the performance of new energy power generation enterprises.Based on the domestic and foreign literature,theory and other related theories,this paper first compares and analyzes the current situation of government subsidy policies in the new energy power generation industry at home and abroad,explores the sustainability characteristics of government subsidy in the new energy power generation industry,and analyzes the impact of subsidy decline on Enterprise performance;Secondly,based on the analysis of the performance and consequences of market hindrance in new energy power generation industry,the causes of market hindrance of new energy power generation enterprises are revealed,and the impact of market hindrance on enterprise performance is analyzed;Finally,taking 33 new energy power generation enterprises listed in Shanghai and Shenzhen from 2014 to 2019 as the research samples,the research hypotheses are put forward.According to the hypotheses and variable design,the model is empirically tested by stata14.0software.This paper studies the impact of market hindrance and the interaction of government subsidy persistence and market hindrance on the performance of new energy power generation enterprises.The results show that:(1)On the whole,there is a significant positive relationship between the persistence of government subsidies and the performance of new energy power generation enterprises.Among them,the persistence of financial subsidies has a significant positive correlation with the performance of new energy power generation enterprises;the persistence of price subsidies has a significant positive correlation with the performance of new energy power generation enterprises,but the significance level is not as good as the former.(2)Market hindrance has a significant negative correlation with the performance of new energy power generation enterprises.(3)On the whole,market hindrance can weaken the positive effect of government subsidy persistence on firm performance.Among them,market hindrance can weaken the positive effect of price subsidy persistence on firm performance;The interaction between financial subsidy persistence and market hindrance is not obvious.Finally,based on the previous theoretical policy analysis and empirical test conclusions,this paper provides policy suggestions for new energy power generation enterprises to improve the performance level and promote the development of new energy power generation industry from two aspects:continuing to support the new energy power generation industry and ensuring the sustainability of government subsidies,and promoting new energy power generation enterprises to participate in power market transactions.