气候变化领域集成服务门户(CCPortal): Environmental effect, price subsidy and financial performance: Evidence from Chinese new energy enterprises

CCPortal

DOI	10.1016/j.enpol.2020.112050
	Environmental effect, price subsidy and financial performance: Evidence from Chinese new energy enterprises
	Cui Y.; Khan S.U.; Li Z.; Zhao M.
发表日期	2021
ISSN	03014215
卷号	149
英文摘要	Owing to the advantages of resources conservation and environmental improvement, the new energy industry has become a strategic emerging industry all over the world, and the majority of countries have formulated different kinds of subsidies policies to new energy enterprises. Therefore, environmental effects and price subsidies become important influencing factors on financial performance. Based on 185 samples from 37 new energy listed companies in China from 2011 to 2015, combining with the sequential regression test program, the current study systematically discusses the relationship between environmental effect and financial performance, as well as the mediating effect of price subsidy. The result shows that, the environmental effects have a significant positive impact on the financial performance in the current and the lag period. Meanwhile, price subsidy implemented by government improved the financial performance in the current and the lagging period, while it only positively impacts the lagging period environmental effect. Besides, both current and the lagging period of price subsidy plays a significant positive mediating effect role in the relationship between environmental effect and financial performance. Moreover, the marketing degree and enterprises' age stimulate the mediating effect of price subsidy, while the enterprises' size and owners’ equity characteristics inhibit the mediating effect. © 2020 Elsevier Ltd
关键词	Environmental effect Financial performance Mediating effect New energy enterprises Price subsidies
英文关键词	Software testing; Environmental improvements; Financial performance; Mediating effect; New energies; New energy enterprise; New energy industries; Price subsidies; Regression tests; Finance; energy market; energy policy; environmental effect; marketing; subsidy system; China
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205066
作者单位	College of Economics and Management, Northwest A&F University, Yangling, Shaanxi 712100, China; Institute of Soil and Water Conservation, Northwest A&F University, Yangling, Shaanxi 712100, China; College of Economics and Management, Xian Shiyou University, Xian, Shaanxi 710065, China
推荐引用方式 GB/T 7714	Cui Y.,Khan S.U.,Li Z.,et al. Environmental effect, price subsidy and financial performance: Evidence from Chinese new energy enterprises[J],2021,149.
APA	Cui Y.,Khan S.U.,Li Z.,&Zhao M..(2021).Environmental effect, price subsidy and financial performance: Evidence from Chinese new energy enterprises.Energy Policy,149.
MLA	Cui Y.,et al."Environmental effect, price subsidy and financial performance: Evidence from Chinese new energy enterprises".Energy Policy 149(2021).