Exploring the impact of government subsidy and R&D investment on financial competitiveness of China's new energy listed companies: An empirical study

被引：44
作者：
Zhu, Zhihong [1 ,2 ]
Zhu, Zhiwei [2 ]
Xu, Ping [3 ]
Xue, Dawei [1 ]
机构：
[1] Northeast Petr Univ, Sch Econ & Management, Daqing 163318, Peoples R China
[2] Univ Louisiana Lafayette, Dept Management, Lafayette, LA 70504 USA
[3] Heilongjiang Bayi Agr Univ, Party Comm Off, Daqing 163318, Peoples R China
来源：
ENERGY REPORTS | 2019年 / 5卷
关键词：
China's new energy listed company; Government subsidies; R&D investment; Financial competitiveness; DETERMINANTS; PERFORMANCE;
D O I：
10.1016/j.egyr.2019.07.013
中图分类号：
TE [石油、天然气工业]; TK [能源与动力工程];
学科分类号：
0807 ; 0820 ;
摘要：
In the environment where the traditional energy industry is declining and the new energy industry is developing rapidly, we collected the data from 98 new energy companies listed in China's Shanghai and Shenzhen stock markets from 2012 to 2016 to conduct an empirical study to understand the relationship between their R&D investment intensity and their corporate financial competitiveness. In addition, we looked at an issue of how the relationship is impacted by government subsidies. The research results show that the R&D investment intensity has a significant positive correlation with the financial competitiveness of China's new energy listed companies, and it has a lag effect. The current government subsidies have no significant moderating effect on the relationship between R&D investment and financial competitiveness. Based on the empirical study conducted, we propose that China's new energy listed companies should increase R&D investment, strengthen the long-term budget management of R&D investment, and increase government support and supervision in order to enhance financial competitiveness. (C) 2019 The Authors. Published by Elsevier Ltd.
引用
收藏
页码：919 / 925
页数：7
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