The Impact of Technological Innovation Input on Total Factor Productivity in New Energy Enterprises——From the Perspective of Financing Constraints and Government Subsidies
The panel data of Shanghai and Shenzhen A-share new energy enterprises from 2009 to 2022 are selected,and principal component analysis and fixed effect model are adopted.After regression analysis,it is found that there is a U-shaped relationship between technological innovation input and total factor produc-tivity of new energy enterprises,which means that only when technological innovation input exceeds the extreme point can it promote the improvement of total factor productivity.Financing constraints inhibit the improvement of total factor productivity.Government subsidies can adjust the restraining effect of financing constraints on technological innovation input and total factor productivity,making total factor productivity improved.There-for,it is suggested that new energy enterprises increase technological innovation investment or actively obtain government subsidies to reduce the pressure brought by financing constraints,and thus achieve the improve-ment of total factor productivity.
new energy enterprisestotal factor productivitytechnological innovation input
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