Do governmental subsidies improve the fifinancial performance of China’s new energy power generation enterprises（政府补贴能否改.docx

Contents lists available at ScienceDirect Energy journal homepage: Do governmental subsidies improve the fi nancial performance of Chinas new energy power generation enterprises? Guoliang Luo a, b, *, Yingxuan Liu a, Liping Zhang a, Xuan Xu a, Yiwei Guo a a School of Economics and Management, North China Electric Power University, Hui Long Guan, Chang Ping District, Beijing, 102206, China b Beijing Key Laboratory of New Energy and Low Carbon Development, North China Electric Power University, Hui Long Guan, Chang Ping District, Beijing, 102206, China article info abstract Article history:Received 28 October 2020Received in revised form27 February 2021Accepted 1 7 March 2021Available online 22 March 2021 Article history: Received 28 October 2020 Received in revised form 27 February 2021 Accepted 1 7 March 2021 Available online 22 March 2021 Keywords: Governmental subsidy Chinas new energy power generation enterprises Financial performance Technological innovation ? 2021 Elsevier Ltd. All rights reserved. Introduction China has become the worlds second largest energy consumer, and the national primary energy consumption demand had risen from 1.4 billion tons of standard coal in 2000 to 4.86 billion tons of standard coal in 2019 [1]. Global warming and the severe air pollution in China have forced the country to shift from coal-based energy production to a sustainable energy system [2]. Vigorously promoting new energy industry to realize energy transition is the most effective and most benefi cial solution [3]. Under the pressure of energy consumption growth and climate change, alternative energy sources have become a key issue. Mekhilef et al. (2011) and Paramati et al. (2017) believe that the development of new energy sources may signifi cantly reduce carbon dioxide emissions and * Corresponding author. School of Economics and Management, North China Electric Power University, Hui Long Guan, Chang Ping District, Beijing, 102206, China. E-mail address: (G. Luo). 0360