Government R&D Subsidies and Firms' Innovation Performance: Empirical Evidence Based on Listed Companies in the New Energy Industry

Abstract

At present, China is actively changing the original energy consumption structure, reducing the use of traditional fossil energy and vigorously promoting the green development of new energy. To stimulate technological innovation and promote economic growth is the direction and principle of the current industrial policy, and to increase the investment of R&D funds and enhance the independent innovation ability is the way to accelerate the construction of China's core competitive strength, so it is necessary to scientifically assess the impact of government R&D subsidies on the innovation performance of enterprises. The government's investment of R&D funds also plays an important role in the new energy industry, which is characterized by technological innovation, government R&D funding also plays an important role in the new energy industry characterized by technological innovation. In this paper, we select the panel data of listed companies in the new energy industry from 2006 to 2020 as the research object to empirically analyze the relationship between government R&D subsidies and corporate innovation performance. Based on the results of benchmark regression in this paper, the overall results show that government R&D subsidies are conducive to the improvement of corporate innovation performance in the new energy industry. This study aims to explore the effect of government R&D subsidies on enterprise innovation performance and put forward feasible suggestions to understand the role of government subsidies in the process of enterprise R&D and innovation activities from a deeper perspective.