本文基于2011年至2018年新能源和同行业非新能源上市公司的面板数据实证分析了“十二五”规划之后政府补贴对新能源产业及企业的盈利能力与研发能力的影响效应。研究结果表明：新能源产业特征会使得政府补贴对盈利能力和研发能力的促进效果变得低效，且对盈利能力却变为抑制效果。从企业层面来说，政府补贴与新能源企业的盈利能力呈负相关，与研发能力呈“倒U型”关系。因此，本文认为政府应该遵从市场规律，对新能源产业实施补贴政策要市场化导向，完善补贴信息披露制度；新能源企业则应该着重提高本身的获利能力和创新成果驱动的内生增长能力。

This paper is based on the panel data of public companies in new energy industry and non-new energy public companies from 2011 to 2017, and using multiple regression model to empirically analyze the influence of government subsidy to the profitability and research ability of new energy industry as well as new energy firms after the 12th Five-Year Plan. According to the result of running the model, the article concludes the following conclusions: From the perspective of the whole industry, the features of new energy lower the stimulative effect of government subsidy on firms" profitability and researching ability. What"s worse, government subsidy have negative impact on the profitability of firms with the effect of the industry. From the perspective of firm itself, government subsidy is negatively related to the profitability of new energy companies, and have a inverted U relationship with the R&D ability of firms. Therefore, this thesis believes that government should follow the market disciplines and implement market-oriented subsidy policies for new energy industry, and improve the disclosure rules. From the perspective of new energy companies, they should focus on improving their profitability and innovation-driven endogenous growth.

广东省自然科学“我国绿色金融发展的影响因素和制度障碍研究”(2018A030313983)；国家自然科学“HHT关键问题研究及其在股市联动性分析中的应用”(71671068)；华南理工大学中央高校基本科研业务费专项资金项目“中国创投产业政策的供需失衡问题及对策研究”(2018PY14)