Research On The Impact Of Government Subsidies On The Green Technology Innovation Of New Energy Enterprises

Along with the introduction and development of the dual carbon policy,the change of new energy is an important task for the development of green economy in China at present,and the national requirements for green technology innovation are getting higher and higher.As an important micro subject of green technology innovation,new energy enterprises play a key role in improving ecological environment,optimizing energy structure and developing green economy.However,due to the double externality of green technology innovation,government subsidies have become an important pillar of green technology innovation in enterprises.However,the effective implementation of any policy does not only depend on the one-way support of the government,but also cannot be separated from the interaction of internal and external factors of enterprises,so it is of great theoretical and practical significance to study the mechanism of government subsidies and enterprises’ green technology innovation.This paper constructs a panel regression model on government subsidies and green technology innovation by defining related concepts,combing related literature,and conducting theoretical analysis from the perspective of firms’ innovation motives based on theories of resource base,information asymmetry and signaling.This focus on new enterprises and conduct an empirical study using panel data on new energy listed firms from 2009 to 2020 as our research sample.The results show that: government subsidies can positively promote enterprises’ green technology innovation;there is a mediating path of R&D investment in the incentive of government subsidies on green technology innovation;enterprise digitization can positively regulate the incentive effect of government subsidies on substantive green innovation;venture capital can positively regulate the promotion the impact of government subsidies on real green innovation;the relationship between government subsidies and green innovation is affected by differences in subsidy forms;the relationship between government subsidies and green innovation is affected by differences in subsidy forms,property rights heterogeneity and industry segment heterogeneity.This paper enriches the research related to government subsidies and green technology innovation,enriches the research framework of green technology innovation incentives,and provides insight and empirical basis for government subsidy policy formulation and innovation practice of new energy enterprises.