Abstract
Energy is the material basis for the survival and development of human society. It is of great significance for energy enterprises to obtain government subsidies, improve technological innovation ability, improve energy efficiency and realize sustainable development. Based on the data of listed energy companies in China, this paper examines the relationship between government subsidies, R & D investment and the growth of energy companies. The results show that: there is a significant positive correlation between government subsidies and the growth of energy enterprises; there is a significant positive correlation between government subsidies and R & D investment; R & D investment has a significant partial mediating effect between government subsidies and the performance of resource-based enterprises.
Highlights
Wei Zhihua et al (2015) used the data of listed energy companies to study the relationship between government support and enterprise growth, and the results showed that government support did not promote the growth of enterprises
Zhu Zhihong and other (2019) new energy listed companies have conducted research, and the results show that government subsidies have played a significant role in promoting R&D investment and improving the financial ability of enterprises, but all of them have a certain degree of delay.Through the fixed effect test, Su Yi et al (2021) found that government subsidies can promote the R&D investment of new energy enterprises, rather than "crowding out" effect
From the regression results of model 3, when government subsidies and R&D investment are used as independent variables to affect the growth of enterprises, they are significant at the level of 1%, the control variables asset liability ratio and return on assets are significant at the level of 1%, the ownership concentration and return on current assets are significant at the level of 10%, but the enterprise size is not significant
Summary
In order to promote the development of enterprises, the government provides preferential policies and financial support for enterprises. Zhu Zhihong and other (2019) new energy listed companies have conducted research, and the results show that government subsidies have played a significant role in promoting R&D investment and improving the financial ability of enterprises, but all of them have a certain degree of delay.Through the fixed effect test, Su Yi et al (2021) found that government subsidies can promote the R&D investment of new energy enterprises, rather than "crowding out" effect. Zang Zhipeng (2015) takes cultural listed enterprises as the research object, and concludes that R&D investment can have a significant positive mediating effect on the relationship between government subsidies and enterprise development in both the current period and the lag period. H3: R&D investment of energy enterprises has a significant mediating effect between government subsidies and enterprise growth
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