政府补助对新能源汽车上市公司企业绩效的影响——基于研发投入的中介作用

The Impact of Government Subsidies on the Corporate Performance ofNew Energy Vehicle Listed Companies:Based on the mediating R&D investment

政府补助作为国家引导扶持新能源汽车企业发展的重要政策之一,对企业绩效产生的影响效果和机制观点并未统一。选取2010—2020年沪深新能源汽车上市公司数据为样本,实证分析政府补助与企业绩效之间的关系及研发投入发挥的中介作用。研究结果表明,政府补助对企业绩效具有提升作用,政府补助对研发投入具有促进作用,研发投入在政府补助与企业绩效之间存在部分中介效应。

The development of new energy vehicles is a necessary road for China to move from a large automobile country to a strong automobile country,and it is an important initiative to cope with climate change and promote green development.Government subsidies,as one of the important policies to guide and support the development of new energy automobile enterprises in the country,do not have a unified view on the effect and mechanism of the impact on corporate performance.The panel data of new energy vehicle listed companies in Shanghai and Shenzhen from 2010 to 2020 was selected as a sample,and the relationship between government subsidies and corporate performance and the mediating role played by R&D investment between the two was empirically analyzed.The results are as follows.Government subsidies have an enhancing effect on corporate performance.Government subsidies have a facilitating effect on R&D investment.R&D investment has a partial mediating effect between government subsidies and enterprise performance.