外部资金支持对新能源企业全要素生产率的提升效应及差异

The Effect and Differences of External Financial Support on the Improvement of Total Factor Productivity of New Energy Enterprises

新能源企业技术创新是提升企业全要素生产率,实现“双碳”目标的主要驱动力。企业技术创新离不开各类资金的支持。本文以2007~2019年我国新能源上市公司数据为样本,构建技术创新中介效应模型,实证检验外部资金支持、技术创新和企业全要素生产率之间的关系。研究发现,政府补贴、银行信贷和股权融资三种外部资金支持对新能源企业全要素生产率都具有显著的提升效应;技术创新在银行信贷和股权融资促进企业全要素生产率提升过程中发挥了充分的中介效应,在政府补贴的作用过程中发挥了部分中介效应;政府补贴的长期提升效应呈先上升后下降的倒“U”形,银行信贷的长期提升效应较为平稳,股权融资的长期提升效应则呈现先降后升的“U”形。应该加快构建以政府补贴为导向和保障,以市场性资金支持为主体的多元化、高效率的能源科技创新投入机制,为能源科技创新提供强有力的资金支持,促进我国能源科技创新能力和能源行业全要素生产率的提升。

Technological innovation of new energy enterprises is the main driving force for improving total factor productivity,and achieving carbon peaking and carbon neutrality goals.Enterprise technological innovation cannot be separated from various kinds of financial support.This paper takes the data of listed new energy companies in China from 2007 to 2019 as samples,constructs a model for the mediating effect of technological innovation,and empirically tests the relationship between external financial support,technological innovation and total factor productivity of enterprises.It is found that government subsidy,bank credit and equity financing have significant improvement effect on total factor productivity of new energy enterprises.Technological innovation has played a full mediating role in the process of bank credit and equity financing promoting the improvement of enterprise total factor productivity,and has played partial mediating role in the process of government subsidy.The long-term promotion effect of government subsidy is an inverted U-shape,the long-term promotion effect of bank credit is relatively stable,and the long-term promotion effect of equity financing is a U-shape,which decreases first and then increases.It is necessary to accelerate the construction of a diversified and efficient energy science and technology innovation investment mechanism with government subsidy as the guide and guarantee,and market-oriented financial support as the main body,to provide strong financial support for energy science and technology innovation,and promote the improvement of China s energy science and technology innovation capacity and the total factor productivity of the energy industry.