新能源企业技术创新投入对全要素生产率的影响——基于融资约束和政府补助视角

The Impact of Technological Innovation Input on Total Factor Productivity in New Energy Enterprises--From the Perspective of Financing Constraints and Government Subsidies

选用沪深A股2009—2022年新能源企业的面板数据,采用主成分分析和固定效应模型,经过回归分析后发现:新能源企业技术创新投入与全要素生产率呈现U型关系,这意味着只有当技术创新投入超过极值点时才会促进全要素生产率的提升;融资约束对全要素生产率的提升具有抑制作用;政府补助能调节融资约束对技术创新投入与全要素生产率的抑制作用,使全要素生产率得到提升。建议新能源企业增加技术创新投入或积极获取政府补助,以降低融资约束带来的压力,从而实现全要素生产率的提升。

The panel data of Shanghai and Shenzhen A-share new energy enterprises from 2009 to 2022 are selected,and principal component analysis and fixed effect model are adopted.After regression analysis,it is found that there is a U-shaped relationship between technological innovation input and total factor productivity of new energy enterprises,which means that only when technological innovation input exceeds the extreme point can it promote the improvement of total factor productivity.Financing constraints inhibit the improvement of total factor productivity.Government subsidies can adjust the restraining effect of financing constraints on technological innovation input and total factor productivity,making total factor productivity improved.Therefor,it is suggested that new energy enterprises increase technological innovation investment or actively obtain government subsidies to reduce the pressure brought by financing constraints,and thus achieve the improvement of total factor productivity.