| 20th report points out that the main objectives and tasks for the next five years are: to make new breakthroughs in high-quality economic development,to significantly improve the ability of scientific and technological self-sufficiency and self-improvement.At the same time,we must prudently promote carbon peak and carbon neutral by accelerating the green transformation of our development mode.It’s a global issue that achieving sustainable development of economy and environment which needs to be solved urgently.In this context,the implementation of independent innovation activities by new energy enterprises to achieve sustainable development can shape new development drivers and new advantages,which is of great significance to promote the green and low-carbon development of economy and society.Innovation activities has the characteristics of public goods,their impact on sustainable development is uncertain and their paths are unclear.Therefore,it is an urgent issue to analyze the interaction between the independent innovation activities of new energy enterprises and sustainable development and which mechanism and paths of the impact exists,by the way to explore the effect of government innovation policies in this process.Based on this,this paper,on the basis of resource-based theory,cuts from the perspective of sustainable development,integrates new institutional theory and externality theory,takes Shanghai and Shenzhen A-share listed new energy manufacturing enterprises from 2011-2019 as research objects,and constructs the "R&D input→R&D output→sustainable development " research model to explore the impact of innovation activities on the sustainable development of new energy enterprises and the particular path,by considering the moderating effect of government subsidies and tax preferences,the research findings are as follows:(1)The results of the study on R&D input on sustainable development performance show that R&D input has a positive contribution to financial performance and a positive U-shape effect on social responsibility performance,and in the long run,new energy enterprises can achieve sustainable development by increasing R&D input.(2)The intermediary path analysis finds that both substantive and strategic innovation have a negative masking effect between R&D input and financial performance;the intermediary effect of the "positive U-shaped" model between R&D input and social responsibility performance is not significant,and the regression of the linear model of "R&D input → R&D output → social responsibility performance" finds that the regression of the linear model of "R&D input→R&D output→social responsibility performance" reveals that,between R&D input and social responsibility performance,substantive and strategic innovation plays a partial mediating role,and R&D input suppresses its social responsibility performance through substantive or strategic innovation.(3)The results of moderating effects show that government subsidies can significantly strengthen the promotion effect of R&D input on substantive innovation output and weaken the promotion effect of R&D input on strategic innovation output;tax incentives enhance the promotion effect of R&D input on financial performance and reduce the suppression effect of R&D input on social responsibility performance by weakening the negative effect of R&D output on sustainable development performance.The innovation of this paper is as follows:(1)focusing on practical problems,it is recognized that it is important for new energy enterprises to promote sustainable development through independent innovation activities to achieve the "double carbon target",and reveals the impact mechanism of independent innovation activities of new energy enterprises on sustainable development;(2)according to externality theory and new system theory,recognize the macro-control role of government innovation policy,and introduce government subsidies and tax incentives to explore their regulatory effects on the sustainable development of new energy enterprises. |
