【摘要】 以2011—2021年沪深A股新能源上市公司为研究样本，研究政府补助、税收优惠对新能源企业投资效率的影响，并基于企业生命周期视角针对两种政策所产生的效果进行研究。结果发现：政府补助、税收优惠均能促进新能源企业投资效率的提升。在不同生命周期阶段，政府补助、税收优惠对投资效率的影响存在差异，对于成长期企业而言，政府补助促进投资效率的作用更强；对于成熟期企业而言，税收优惠相对政府补助发挥的效用更强。建议政府部门实施政策时应因时制宜，避免“一刀切”现象，充分考虑新能源企业的发展阶段，切实提高财税政策对新能源企业的激励效率。更多还原

【Abstract】 Taking Shanghai-Shenzhen A-share new energy listed companies from 2011 to 2021 as research samples, this paper studies the impact of government subsidies and tax incentives on the investment efficiency of new energy enterprises, and studies the effects of two policies from the perspective of enterprise life cycle.The results show that government subsidies and tax incentives can both promote the improvement of investment efficiency of new energy enterprises.In different life cycle stages, government subsidies and tax incentives have different impacts on investment efficiency.For growth-stage enterprises, government subsidies play a stronger role in promoting investment efficiency, but for mature enterprises, tax incentives play a stronger role than government subsidies.Therefore, it is suggested that government departments should adapt to the situation when implementing policies, avoid the "one-size-fits-all" phenomenon, fully consider the development stage of new energy enterprises, and effectively improve the incentive efficiency of fiscal and tax policies for new energy enterprises.更多还原