Whether Direct Financing Promotes The Efficiency Of New Energy Automobile Industry Innovation

Automobile industry is an important mainstay industry of national economy and plays an important role in national economy and social development.there is a certain gap between China and other developed countries in automobile industry,so the development of new energy automobile is a great opportunity for China to participate in international competition of auto industry,and to grab the international market.In addition,developing new energy automobile is also an effective way to promote energy conservation and emission reduction.The current energy and environment problem is increasingly serious,to develop new energy automobile is the effective way to solve the problem of energy and environment,is also the powerful measures of national ecological civilization construction.However,most of the enterprises in the new energy automobile industry mainly rely on bank credit for financing,and the characteristics of credit financing cannot meet the demand the of new energy automobile's innovation.And the problems in system of the capital market makes the industry enterprise financing difficult,also the current investment and financing system,the economic environment,corporate ownership and so on all can't fully meet the needs of the new energy automobile industry's development of innovation.Therefore,it is of great practical significance to study the financing methods of new energy automobile enterprises,especially whether the direct financing can promote the innovation efficiency of new energy vehicles.In this paper,the listed enterprises in the new energy automobile industry are token as the research object to study whether the direct financing can promote the innovation efficiency of enterprises.Firstly,this paper reviews the related theories of financing and innovation,and summarizes the research on the influence of financing structure or financing method on innovation.Then the paper analyzes the current situation of the new energy automobile industry in China by using relevant data of the new energy automobile industry.Finally,this paper takes 47 listed companies of new energy automotive industry as the research sample,and empirically analyzes the impact of direct financing on the innovation efficiency of new energy automotive industry.Different from previous studies,this paper combines the direct financing and innovation efficiency,to explore the relationship between them,so as to give the enterprise policies and suggestions of financing;However,there are some deficiencies in this paper.Selecting sample enterprises as listed companies has limitations and is not representative of the whole new energy automobile industry,and the sample time is short,so the empirical effect may not be accurate.Through empirical analysis,the following main conclusions are obtained:effective financing can promote the innovation efficiency of new energy automobile industry,and direct financing has a positive effect on the innovation efficiency of new energy automobile industry.Regional differences have no significant difference on the innovation efficiency of the new energy automobile industry.In terms of ownership attributes,the new energy vehicles listed in state-owned enterprises have higher efficiency of innovation.Under the disruptive innovation environment of new energy vehicle technology,the time to go public has restrained the efficiency of innovation.Based on the above conclusions,this paper suggests that enterprises in the new energy automobile industry should positively improve the enterprise conditions,take advantage of the direct financing and gradually reduce reliance on bank credit financing;For companies with longer time to go public,enterprises should change their innovative ways when necessary to prevent traditional technology from becoming hindrance to new technologies;The government and other relevant departments should also actively develop financial policies in favor of new energy automobile industry financing,and deep the reform of state-owned enterprises in the new energy automobile,to realize equal treatment between private enterprises and state-owned enterprises.