本文以我国能源行业上市公司为背景，对政府补助和企业业绩两者之间的关
系进行了比较全面和深入的探讨。首先对国内外与政府补助和企业业绩方面相关
的学术成果进行了整理和归纳，然后将能源企业分为新能源企业和传统能源企
业，传统能源企业则以煤电企业作为代表，并且将经营业绩处于上升趋势和下降
趋势的企业分开进行研究政府补助与能源企业业绩之间的关系，提出研究假设。
其次通过对于实证中所需要用到的各变量的实验数据进行搜集与筛选，直到最后
保留了 1** 家能源类上市公司从 2009 到 2013 年这连续 5 年间的样本数据，并且
通过运用科学系统的数理统计方法对各变量间的关系逐个进行检验，以此探索政
府补助与能源企业业绩之间的关系，然后得出以下结论：政府补助与新能源企业
后期每股收益显著正相关，与后期净资产收益率显著负相关，政府补助与煤电企
业后期每股收益显著负相关，与净资产收益率的影响不相关，政府补助对新能源
上市公司业绩影响更显著，在新能源上市公司中，政府补助对业绩处于上升趋势
的公司影响更为显著。因此政府对能源行业的补助重点就应该集中在新能源企业
上，尤其是对于业绩处于上升趋势的新能源企业。最后，针对本文实证研究得到
的结果，分别提出了政府补助对新能源企业和传统能源企业业绩提升的有效建
议。本文的研究深化了我们对于政府补助与能源企业业绩之间关系的理解，也为
我国针对能源企业补助扶持政策的有效性提供了借鉴与参考。
关键词：政府补助；企业业绩；能源行业；新能源II
Abstract
With the continuous development of the society and growing environmental
problem, The energy problem has become the focus of the government, and the
government's support for the energy industry is increasing. However, the energy
industry's development and performance under the government support is not positive
growth trend, so the government subsidies can promote the growth of energy industry
enterprise performance is worthy of further research.
In the energy industry listed companies in our country as the background, the
comprehensive and in-depth discussion on Government subsidies and the relationship
between the corporate performance has been started.Begin with comprehensive
review of relevant research results at home and abroad, Conduct the thorough
research to the related concepts and theories, Then divide energy industry into new
energy industry and traditional energy industry,traditional energy
industry representative is the coal industry. Separate business performance in the rise
and decline of enterprise to study government subsidies of the relationship between
corporate performance and the energy industry, and then put forward the research
hypothesis. Second, Through data filtering, end up with 1** listed companies in
2009-2013 sample data, use scientific methods of mathematical statistics to explore
the government subsidies of the relationship between corporate performance and the
energy industry. Then get the following conclusions : the government subsidies and
new energy industry's late earnings per share are significantly positively
related, government subsidies and new energy industry's late return on equity are
significantly negative related, the government subsidies and coal industry's late
earnings per share are significantly negative related, the government subsidies and
coal industry's late return on equity are not related. Government subsidies' influence
to new energy industry performance is more significant than coal industry
performance of listed companies. Government subsidies' influence to new energy
industry listed companies in the rise is more significant than declining performance of
the company. Therefore, government subsidies for the energy industry should focus
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