The Effect Of Government Subsidy On The Performance Of Listed Companies In Automobile Industry

Government subsidies as an important means of intervening in the market economy,to transfer funds to enterprises to help enterprises and the industry as a whole to develop steadily,but the government subsidies can have the expected utility of the enterprise,has always been a concern of scholars.Some scholars' research results show that government subsidies can promote the improvement of corporate performance from the aspects of corporate profitability and development ability.Some scholars have come to the opposite conclusion that they can not promote the development of enterprises.The automobile manufacturing industry has always been an important area of government support,especially in recent years,the Government introduced a series of policies to promote the new energy automotive industry,but the enterprise fraudulent new energy vehicle subsidies "cheat" behavior news is endless,so this article Aiming at the automobile manufacturing industry listed companies,the paper studies the effect of government subsidy on enterprise performance.Based on the study of the impact of government subsidies on the performance of listed companies in automobile manufacturing industry,this paper discusses the impact of the performance of new energy automobile manufacturers by government subsidies,and the non-new energy automobile production enterprises are affected by the government.What is the difference between the effects of the subsidy? On the basis of reviewing the literature on the impact of government subsidies on corporate performance at home and abroad,this paper analyzes the impact of government subsidy on the performance of listed companies in automobile manufacturing industry based on the theory of market failure theory,information asymmetry theory and rent-seeking theory It is assumed that the effect of government subsidy on corporate performance is investigated from three perspectives: enterprise profitability,enterprise development ability and enterprise innovation input ability through statistical description,correlation analysis and multiple linear regression analysis.Through the analysis,it is found that the government subsidy can not effectively improve the profitability of listed companies in automobile manufacturing industry because of the low efficiency of government subsidy.At the same time,the government provides financial support to enterprises in the long run,which makes it easy for enterprises to rely on government subsidy.Government subsidies have a negative effect on the development capability of listed companies in automobile manufacturing industry.However,government subsidies can effectively promote the innovation ability of listed companies in automobile manufacturing industry.In addition,the article also found that enterprises with new energy automotive business in the development of capacity than the new energy vehicles business enterprises more advantages,but the advantages of R & D investment is not significant,it is due to the lack of new business Energy car technology innovation into the enthusiasm,and the price difference subsidy did not directly stimulate the enterprise technological innovation investment,but also to the enterprise forged false sales fraud opportunities.Therefore,this paper suggests: from an external perspective,the government should strengthen the supervision of enterprises in the process of government subsidies,improve the subsidy disclosure system to prevent rent-seeking behavior,while dynamically adjusting the scope and amount of subsidies to reduce the dependence on government subsidies,In addition to continuing to strengthen the enterprise R & D investment in innovation support,but also the implementation of incentives for innovation results;from an internal perspective,the enterprise itself should improve the management level,establish and improve the internal control system,change the government subsidies rely on the wrong concept of self development.