Impact Of Energy Policy On Enterprise Performance With Technological Innovation As The Intermediary Variable

Under the background of energy saving and emission reduction caused by global warming and the guidance of Russia’s energy development policy,the new energy industry has been highly concerned by the government and has achieved rapid development because of its characteristics of less environmental pollution,recycling.But the new energy industry in Russia’s development process is not smooth,has experienced the explosive growth to the trough and then to the slow recovery of the tortuous stage,the government has given a lot of subsidies to support its development.New energy enterprises have the characteristics of both capital-intensive and technology-intensive,and enterprises need a lot of capital investment in product research and development,technology upgrading and production and sales,and the cycle is long,so technological innovation of enterprises has become the core problem in the development of new energy enterprises in Russia.This paper discusses the relationship between government subsidy policy,enterprise technological innovation and enterprise performance of new energy industry by combining externality theory,technological innovation theory and market failure theory,in order to measure the actual effect of energy policy in new energy industry,and to explore the influencing factors and effects of energy policy on enterprise technological innovation.Through the above research,it can provide practical suggestions for the government to adjust the subsidy policy and promote the healthy development of the new energy industry,and at the same time provide theoretical support for enterprises to make rational use of government subsidies,adjust R & D investment activities,and then improve the performance of enterprises.Based on the panel data of new energy listed companies in Russian RTS stock market from 2017 to 2020,a multivariate regression model is established for empirical analysis.The results of empirical research show that energy policy has a promoting effect on technological innovation of new energy enterprises,but different new energy enterprises show different differences;enterprise technological innovation has a positive role in promoting enterprise performance,but this role has a two-year lag period;The pull effect of energy policy on enterprise performance takes two years to appear,and it is transmitted through the intermediary role of enterprise technological innovation.Research shows that the government should continue to strengthen financial subsidies to promote new energy enterprises to carry out technological innovation and R & D activities,and then improve corporate performance.