Government Subsidies,Financing Constraints And R&D Of New Energy Vehicles

At present,under the background of serious environmental pollution and increasing resource shortage,accelerating the development of new energy automobile industry has become the consensus of all countries in the world.New energy vehicles will not only generate huge economic and environmental benefits,can effectively alleviate the pressure of global warming and energy crisis,but also the world's automobile industry upgrading and transformation of the main direction.China has always attached great importance to the development of new energy vehicles as a national strategy.However,the technology level of China's new energy automobile industry is still far lower than the international advanced level,and the lack of enterprise research and development intensity has seriously affected the further development of the new energy automobile industry.As companies with a high risk of R&D activities and R&D externalities in research and development enterprise hard to monopolize the output of R&D results,also unable to prevent the spread of the research and development,so the enterprise R&D investment of private benefits is far lower than the social benefits,lead to enterprise's R&D investment under the market allocation is often less than the socially optimal level,namely market failure leads to insufficient enterprise R&D investment.Therefore,it is necessary for the government to properly subsidize the R&D activities of enterprises,reduce the R&D risks and costs of enterprises,and stimulate the improvement of innovation intensity.However,enterprises need effective financing system to support R&D investment,especially at present,the lack of demand for new energy vehicles and product competitiveness leads to the lack of profitability of enterprises,and the funding source of R&D investment has to rely on external financing.But at present,China's financial market development is imperfect,on the one hand,on the other hand,enterprises for research and development projects of highly confidential and the information disclosure mechanism is not standard,makes the new energy automobile enterprises with outside investors is research and development activities of information asymmetry,enterprises caused by the rising cost of external financing,internal financing and accumulation is insufficient,led to the current new energy automobile enterprises face more serious financing constraint problem,restrict its further research and development strength.New energy vehicles based on the 2001-2017 financial data of listed companies as samples,to information asymmetry,financing constraints,market failure theory and innovation theory as the basis,government subsidies,financing constraints and R&D into the unified research framework,first of all,using fixed effect panel the restriction of the empirical research to the enterprise investment financing constraints,government subsidies for enterprise R&D investment incentive effect and subsidies through the signal transmission mechanism to alleviate the financing constraints in order to promote the mechanism of action of enterprise R&D,reuse tend to score matching robustness of the method of empirical results,Endogenous problems were excluded.The results show that financing constraints restrict the R&D intensity of new energy automobile enterprises.Government subsidies,on the one hand,stimulate enterprises' R&D investment by making up for market failure of R&D activities;On the other hand,through the signal transmission mechanism to alleviate the information asymmetry caused by the financing constraints,ensure the enterprise r & d funding sources,improve the intensity of enterprise R&D.Finally,based on the conclusion of theoretical analysis and empirical test,this paper puts forward relevant suggestions for the further development of new energy vehicles in the post-subsidy era from the perspective of reducing the information asymmetry of R&D activities between new energy vehicles enterprises and financial institutions and expanding financing channels of enterprises.