政府补贴持续性对新能源发电企业经营绩效的影响--基于市场阻碍的调节效应

The Impact of the Sustainability of Government Subsidies on the Business Performance of New Energy Power Generation Companies--Moderating Effect Based on Market Barriers

以2015—2021年33家新能源发电上市公司为样本,研究政府补贴持续性、市场阻碍与经营绩效间的关系。结果表明:财政补贴持续性、价格补贴持续性对新能源发电企业经营绩效发挥显著的正向作用,并且价格补贴持续性对经营绩效影响更显著;政府补贴持续性对经营绩效的影响存在滞后性,滞后1期的情况下仍显著,但滞后2期后激励效果不明显;市场阻碍对企业的经营绩效产生消极作用;市场阻碍能弱化政府补贴持续性对企业经营绩效的促进作用。进一步分析发现,市场阻碍能削弱财政补贴持续性和价格补贴持续性对经营绩效的促进作用,但相较而言,对财政补贴持续性与经营绩效间的削弱效果较小。

This article uses 33 listed new energy power generation companies from 2015 to 2021 as a research sample to study the relationship between the sustainability of government subsidies in the new energy power generation industry,market barriers and corporate business performance.The results show that:The sustainability of financial subsidies and price subsidies are positively correlated with the business performance of new energy power generation enterprises,and the sustainability of price subsidies has a more significant impact on business performance.There is a lag in the impact of the sustainability of government subsidies on business performance,which is still significant after a lag of one period,but the incentive effect is not significant after a lag of two periods.Market barriers play a negative role on the business performance of new energy power generation enterprises.Market barriers can weaken the positive impact of the sustainability of government subsidies on business performance.Further analysis shows that,market barriers can weaken the promoting effect of the sustainability of financial subsidies and price subsidies on business performance,but the weakening of the effect between the sustainability of financial subsidies and business performance is relatively small.