Research On The Effectiveness Of Government Financial Subsidies In China's New Energy Vehicle Industry

Based on the experience of international industry optimization and upgrading,the State Council issued a plan for the development of energy saving and new energy vehicles(2012-2020)on July 9,2012.The policy includes subsidies,taxes,and construction of the entire industrial chain.Measures,continue to explore and try,and strive to steadily and rapidly develop the new energy vehicle industry in China.However,extensive financial subsidies have also brought many negative problems.Some disadvantages of government subsidies have begun to appear,for example,we have not mastered the core technology,and the occurrence of vicious events.So it's necessary to improve the fiscal subsidy policy.The decline in subsidies did not stagnate the development of the new energy vehicle industry in China,but instead achieved a quantitative to qualitative change.Therefore,research on the effectiveness of government subsidies is particularly necessary.This paper uses the data from 18 listed companies that are mainly engaged in the manufacture and sale of new energy vehicles in the new energy sector from 2009 to 2018 as a sample,and uses the strength of corporate R&D investment as a mediating effect variable to construct an influencing factor evaluation model that reflects the mediating effect.The empirical study concludes that government subsidies are positively related to the performance of new energy automobile companies.Enterprise R&D investment plays an intermediary role in the mechanism of government subsidies' impact on corporate performance.This article believes that after receiving R&D subsidies,enterprises can effectively earmark funds,improve the technical level of enterprises,and create better corporate performance,but the impact of subsidies has not achieved good results.According to the development status and trends of China's promotion of the new energy vehicle industry,there are prominent problems and obstacles to government subsidies.In combination with foreign advanced policies that are realistic and feasible,it is proposed that the government should strengthen supervision,increase research and development subsidies,and improve diversified subsidy mechanisms.