政府补贴有利于中国新能源企业成长吗?

Are Government Subsidies Conducive to the Growth of China’s New Energy Enterprises?

本文基于2007-2016年中国新能源上市企业数据,考察政府补贴对新能源企业成长的影响。研究发现:政府补贴有助于增加新能源企业的研发投入强度,进而有利于企业的成长;而政府补贴对融资约束严重的新能源企业的成长促进作用减弱。同时通过进一步对2005~2007年中国工业企业数据稳健性检验表明该结论是可靠的。因此,政府可以通过大力扶持新能源企业的发展,缓解新能源企业的融资难问题,加强监管产业政策实施,以期实现清洁能源消费结构转型发展目标。

Industrial policy can influence the growth of new energy enterprises fundamentally. Based on the data of China' s listed new energy enterprises from 2007 to 2016, this paper investigates the impact of government subsidies on the innovation and growth of new energy enterprises. At the same time, as new energy enterprises have the risk of high investment uncertainty, financing constraints will weaken the role of government subsidies, and thus have an negative impact on the innovation and growth of new energy enterprises. The research findings are as follows: firstly, government subsidies can help increase the R&D input intensity of new energy enterprises, which is conducive to their growth. Secondly, government subsidies play a weaker role in promoting the growth of new energy enterprises with severe financing constraints. In addition, the robustness test of Chinese industrial enterprise data from 2005 to 2007 shows that the above - mentioned conclusions are reliable. Therefore, the government can vigorously support the development of new energy enterprises, alleviating the financing difficulties of new energy enterprises and strengthening the supervision and implementation of industrial policies, so as to achieve the goal of the transformation and development of the clean energy consumption structure.