Research On The Impact Of Government R&D Subsidies On The Innovation Output Of New Energy Enterprises

With the deterioration of the global atmospheric environment,controlling environmental pollution and controlling the emission of harmful gases have become important issues faced by countries around the world.The non-renewability and high pollution of fossil energy have prompted countries around the world to implement the strategy of energy structure transformation and jointly cope with global climate change.China has put forward the "3060" carbon emission reduction target,actively formulated and practiced green and low-carbon development policies,and vigorously developed the new energy industry.Up to now,China’s new energy industry has achieved remarkable results: the industrial scale is leading in the world,the production cost advantage is obvious,and the manufacturing technology level is first-class.However,there are still shortcomings in some subdivisions,key components,and original technologies.Therefore,in order to guide new energy enterprises to increase investment in technology research and development and solve the bottleneck problem of relying on imports of key technologies and equipment,it is necessary for the government to intervene and increase support.From a micro perspective,this thesis takes new energy listed companies from 2012 to 2021 as research samples,and constructs an econometric economic model to explore the effect of government R&D subsidies on innovation output of new energy enterprises in China,as well as the heterogeneous implementation effect of R&D subsidies under different conditions,and uses the stepwise regression method to test the mechanism of financial resource allocation.The empirical results show that government R&D subsidies can stimulate the innovation vitality of new energy enterprises and promote enterprises to increase the quantity and quality of innovation,and this conclusion is still valid after replacing variables and estimation methods.By comparing the regression results of innovation quantity and innovation quality,it is found that R&D subsidies have a greater effect on innovation quantity,indicating that although R&D subsidies can improve the innovation quality of enterprises,there are also low-quality innovations.Through the heterogeneity test,it is found that R&D subsidies have a stronger effect on the innovation output of smaller non-state-owned enterprises in regions with low marketization level.According to the results of the conducting effect test of financial resource allocation,it can be seen that the issuance of government R&D subsidies can adjust the trend of market financial resources,which can not only guide banks and other financial institutions to relax the loan threshold for subsidized enterprises,increase the amount of bank credit of enterprises,but also increase the trust of upstream suppliers and downstream customers in subsidized enterprises,thereby improving commercial credit,increasing the disposable funds and innovation power of enterprises,and ultimately improving the quantity and quality of enterprise innovation output,and improving the overall innovation level of enterprises.Finally,corresponding policy recommendations are put forward based on the above conclusions.First of all,the government should optimize the subsidy structure,improve the screening system of subsidy targets,formulate targeted and differentiated subsidy policies,increase the incentive mechanism for the innovation quality of enterprises,establish a feasible,scientific and effective innovation quality evaluation system,and regularly assess and evaluate subsidized enterprises.Second,enterprises should standardize the disclosure mechanism of R&D subsidy information to reduce the degree of information asymmetry with market investors.At the same time,banks,suppliers and other entities should actively respond to policy calls and provide financial support for the innovative development of new energy enterprises in China.Taking new energy enterprises as research samples,this thesis analyzes the impact of government R&D subsidies on the innovation output of enterprises from the perspective of innovation quantity and innovation quality,expanding the relevant theories of the implementation effect of subsidy policies,and alleviating the problem of insufficient research related to new energy enterprises.At the same time,it provides a theoretical basis for the government to formulate more accurate subsidy policies.