Keywords
New energy industry
Total Factor Productivity (TFP)
Financing constraints
Submitted : 2025-12-10
Accepted : 2025-12-25
Published : 2026-01-09
Abstract
The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China pointed out that the new energy industry has broad prospects and is expected to accelerate its development during the “14th Five-Year Plan” period. Whether new energy resources can be allocated more reasonably, how total factor productivity (TFP) changes, and what characteristics its driving factors have are crucial to the future development of new energy. This study selects data of A-share listed new energy enterprises from 2012 to 2023 as samples to explore the impact and mechanism of government subsidies on the TFP of new energy enterprises, and constructs a mediating effect model. The research results show that alleviating financing constraints plays a full mediating role in the process of government subsidies promoting the improvement of enterprises’ total factor productivity. Therefore, the government should improve the subsidy mechanism, and enterprises should increase investment in innovation and R&D to continue promoting the improvement of enterprises’ total factor productivity.
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