Research On R&D Investment,Government Subsidy And Performance Of New Energy Automobile Enterprises

As a world economic power,China has vigorously developed environmental protection industries in recent years and placed environmental protection at the national strategic level.A low-carbon economy will be an inevitable way out for sustainable development.The problem of resource reduction caused by environmental pollution has forced China to speed up its efforts to reduce its dependence on non-renewable resources.Under the dual pressures of environmental pollution and resource shortage,the Chinese government has vigorously promoted new energy vehicles since 2009 and introduced corresponding subsidy policies.After nearly ten years of development,government subsidies have played an important role in the development of new energy automobile enterprises.The role has promoted the economic development and technological progress of enterprises,but there are also rent-seeking behaviors of enterprises to the government,resulting in unfair government subsidies and unreasonable allocation of resources.Although new technologies have improved their technology in the development process,they are lagging behind technology in developed countries.This is also one of the important reasons for the government to grant high subsidies to new energy auto companies.It is hoped that subsidies can stimulate enterprises to invest in R&D and promote the upgrading of industries and technologies.Based on the research background of government subsidies,R&D investment,and enterprise performance,this paper summarizes the interaction between the three based on the theoretical basis of information asymmetry,technological innovation theory,and principal-agent theory.The impact mechanism was anal yzed,and the new energy auto companies from 2009 to 2017 were selected as research objects.The empirical test method was used to study the impact of R&D investment of new energy auto companies on corporate performance,andthe impact of government subsidies on corporate performance.The government subsidy is added as a regulatory variable to the relationship between R&D investment and corporate performance,and its role is studied.The results show that both R&D investment and government subsidies have effectively improved the performance of new energy auto companies.However,government subsidies play a negative role in the relationship between R&D investment and corporate performance.Government subsidies have a certain cro wding out effect on R&D investment.To a certain extent,it has inhibited the R&D investment of enterprises and caused the performance of enterprises to de crease.Further research also found that R&D investment has no significant rela tionship with state-owned enterprise performance,and has a significant positive correlation with non-state-owned enterprise performance,and state-owned enter prise government subsidies have lower effect on corporate performance than non-state-owned enterprises.R&D investment can improve the performance of ent erprises with high degree of financing constraints,but reduce the performance of enterprises with low financing constraints.Government subsidies have promoted the performance of enterprises with low financing constraints,but they have not alleviated the economic pressure of high-financing-constrained enterprises,but have reduced corporate performance.When government subsidies are used as adjustment variables,whether it is for state-owned enterprises or non-stateowned enterprises,enterprises with high or low financing constraints,the impact on corporate R&D investment will ultimately have a negative adjustment effect on corporate performance.Therefore,this paper proposes that the government should grasp the subsidy,encourage enterprises to invest in R&D,and provide policy recommendations such as subsidies for state-owned enterprises and high-funded enterprises,and provide theoretical references for the development of new energy vehicles and other related enterprises.