政府补助对新能源企业投资支出的影响研究

The Study on the Influence of Government Subsidies on the Investment Expenditure of New Energy Listed Companies

以2011—2019年沪深A股152家新能源企业为样本,从投资水平和投资方向两个角度考察政府补助对新能源企业投资支出的影响,分析不同产权性质下政府补助的影响差异。研究结果表明:从投资水平看,政府补助可以促进新能源企业投资水平的提高;从投资方向看,政府补助能够有效推动新能源企业固定资产投资和无形资产投资的增加,但对无形资产投资的影响更大;从产权性质看,政府补助对非国有新能源企业投资水平和固定资产投资的促进作用大于国有新能源企业,而对国有新能源企业无形资产投资的促进作用大于非国有新能源企业。

Based on the samples of 152 new energy enterprises listed in Shanghai and Shenzhen A-shares Market from 2011 to 2019,the influence of government subsidies on the investment expenditure of new energy enterprises is investigated from two perspectives of investment level and investment direction,and further analysis are carried out about the influencing differences of government subsidies under different property rights.The results of study show that from the level of investment,the government subsidies can promote the investment level of new energy enterprises;from the direction of investment,government subsidies can effectively push forward the investment increase of new energy companies in the aspects of fixed assets and intangible assets,and have more influence on intangible assets investment.From the nature of property rights,government subsidies have exerted greater effect on the investment level and fixed assets investment of non-state-owned new energy enterprises than on that of state-owned new energy enterprise,but have greater promotion on the intangible assets investment of sate-owned new energy enterprises than that of non-state-owned new energy enterprises.