政府补助对新能源行业资本结构的影响——基于研发投入的中介效应

The Impact of Government Subsidies on the Capital Structure of New Energy Industry—Intermediation Effect Based on R&D Investment

摘要: 本文运用我国新能源企业2010年~2019年的十年期非平衡面板数据，研究新能源行业政府补助对资本结构的影响，引入研发投入作中介变量，进一步探究政府补助对资本结构影响的传导路径。实证结果表明：政府补助与新能源企业的资本结构为负相关关系，同时政府补助对企业资本结构的影响存在滞后效应；当期政府补助对当期研发投入具有显著正向影响；政府补助除了能够直接对新能源企业的资本结构产生影响之外，还通过影响研发投入从而对新能源企业的资本结构产生影响。

Abstract: In this paper, the 10-year unbalanced panel data of China’s new energy enterprises from 2010 to 2019 are used to study the impact of government subsidies on capital structure in the new energy industry, and research and development investment is introduced as an intermediary variable to further explore the transmission path of the impact of government subsidies on capital structure. The empirical results show that there is a negative correlation between government subsidies and the capital structure of new energy enterprises, and the impact of government subsidies on the capital structure of new energy enterprises has a lagging effect. The current government subsidy has a significant positive effect on the current R&D investment. Government subsidies can not only directly affect the capital structure of new energy enterprises, but also affect the capital structure of new energy enterprises by affecting research and development investment.