新能源行业政府补贴对企业创新绩效的影响

“十四五”计划在原有国民经济和社会发展规划的基础上，进一步强调了创新、绿色在新发展理念中的重要地位。政府补贴，作为政府支持企业研发活动的重要政策工具之一，激励企业加大研发投入，增强企业创新动力。为探究不同产权性质调节下，政府补贴如何影响新能源企业创新绩效，以及将三者纳入同一框架下，考虑研发投入作为中介变量对企业创新绩效的影响。选取CSMAR数据库和wind数据库2015—2019年高研发投入、低短期经济效益的战略性新兴产业中的106家国有与非国有产权性质的新能源企业，进行面板数据分析。被解释变量为企业创新绩效，解释变量为政府补贴，调节变量为产权性质，中介变量为研发投入强度，通过对新能源行业政府补贴的研究，以检验在研发投入强度作为中介效应，企业产权性质作为调节作用时政府补贴对企业创新绩效的影响。研究结果显示，政府补贴与新能源行业的创新绩效呈正相关关系，研发投入强度在政府补贴与企业创新绩效之间发挥着部分中介作用，且不同企业产权性质的新能源企业，在政府补贴与企业创新绩效之间存在显著差异。根据上述结论提出：1）在市场经济下，政府补贴是保证新能源企业生存以及促进其发展的直接激励方式，因此建议政府应在合理监管下持续对新能源企业提供有效财税和金融等政策补贴；2）由于部分新能源企业违规将政府补贴转移到非研发投入中，从而使得政府补贴失灵，因此在国家后续政策法规出台后需细化新能源企业获得政府补贴后的使用路径；3）相比于国有企业非国有企业可获得的资源较少，市场风险抵御能力较弱，因此政府在进行补贴激励时可以重点倾斜给非国有企业以促进其产出更高的创新绩效。

IMPACTS OF GOVERNMENTAL SUBSIDIARY ON COMPANIES' INNOVATIVE PERFORMANCE IN NEW ENERGY SECTOR

Innovation and green concepts are important in “the 14th  Five-Year Plan”. Governmental subsidiary as a vital policy tool in supporting enterpries' R&D can stimulate companies to boost research inputs and increase their innovative motivation. To explore how governmental subsidiary impacts the innovative performance of new energy companies, R&D investment are used as medium variables. This paper selects 106 state-owned and no-state-owned new energy companies listed in 2015 to 2019 CSMAR database and Wind database which have high-research-inputs and low-short-term-return in new strategic industries. Explained variable as companies' innovative performance, explaining variable as governmental subsidiary, adjusting variable as property ownership, medium variable as research input intensity. Governmental subsidiary on new energy sector is used to check the impacts of its on companies' innovative performance through research input intensity as medium effect and companies' property ownership as adjustment. Results show a positive relation between governmental subsidiary and new energy sector's innovative performance, a medium effect of research input intensity between the both largely varying with companies' property ownerships. Under the marketing economy, governmental subsidiary is a direct stimulus ensuring new energy company to survive and develop. This paper suggests governments supply financial and taxation policies. However, some companies unlawfully use this subsidiary on non-research input, which needs to be regulated after companies are granted the subsidiary. Compared with state-owned companies, non-state-owned obtain less resource with a weaker ability to resist market risks. This paper suggests governments support non-state-owned more to urge them to produce a higher performance.