新能源行业政府补贴对企业经营绩效的影响：企业生命周期的调节作用

基于2015—2019年我国163家上市新能源企业构造面板数据，使用固定效应模型首先研究了政府补贴对新能源企业经营绩效的影响，然后探讨了企业生命周期下在政府补贴与企业经营绩效关系中的调节作用，最后通过分组回归的方式检验了在不同的产权性质和市场化进程中，政府补贴对企业经营绩效的作用效应。研究发现：新能源行业政府补贴与企业经营绩效之间呈现倒“U”关系；政府补贴对于成长期的企业经营绩效的促进作用更加明显；产权性质的调节效应显著，并且相较于国有企业，政府补贴与企业绩效的倒“U”关系在非国有企业中更加显著；在市场化进程高的区域，政府补贴对新能源企业绩效的促进作用更加明显。

ADJUSTMENT OF ENTERPRISES LIFE CIRCLE: IMPACTS OF GOVERNMENTAL SUBSIDIES ON COMMERCIAL OPERATING PERFORMANCE

This paper, based on 2015—2019 panel data of China's 163 listed new energy companies, uses fixed effect model to study the impacts of governmental subsidies on operating performance of new energy companies, and discusses the adjustment of governmental subsidies on commercial operating performance under enterprises life circle, and uses grouped regression to check the effect of governmental subsidies on commercial operating performance amid different ownerships and marketization. Results show an upside-down U-shaped relation between governmental subsidies and commercial operating performance in new energy industry, outstandingly for growing companies, private companies, and in highly-marketized regions. Property ownership exerts a large adjustment.