Research on Financing Risk, Government Subsidy and Innovation Ability of New Energy Enterprises

Abstract

New energy enterprises face high financing risks due to their long investment return period, large capital demand and high research and development risks, making it difficult to obtain funds for innovative activities. New energy enterprises, as the target of our country's key support, can alleviate the financing pressure through various policies subsidized by the government. Based on this, this paper takes the panel data of 126 new energy listed enterprises in China from 2009 to 2018 as samples, uses the time-fixed effect model to conduct regression analysis, and studies the relationship between financing risks, government subsidies and enterprise innovation capability of new energy enterprises. The study found that: financing risk has a significant negative impact on the innovation ability of enterprises; Government subsidies have a significant positive impact on the innovation ability of enterprises.