Research On Financial Support Efficiency And Influencing Factors Of New Energy Vehicle Industry

Energy saving and new energy vehicles are the future trend of automobile industry.The new energy vehicles can not only effectively relieve the pressure of energy and environment,but also promote industrial transformation and upgrading and improve the international competitiveness.It is different from the traditional automobile industry.Capital is one of the key elements to the related industrial policies to cultivate and develop the new energy vehicles.The industrial characteristics of new energy vehicles determine that financial support is an important source of capital.China’s financial support for the development of new energy vehicle industry has made great progress,but there are still problems that cannot be ignored,such as low efficiency of financial resource allocation.In view of this,the evaluation of financial support efficiency and its influencing factors has become an important issue of how to effectively support the development of new energy vehicle industry in the future.As one of the strategic emerging industries,the new energy vehicle industry has the particularity different from the traditional industry and the special financial demand.After combing the financial development theory and industry life cycle theory,this thesis discusses the logic mechanism of financial support for the development of new energy vehicle industry.According to the theory of industrial life cycle,the new energy vehicle industry is still in the early stage of growth.Due to the different characteristics of different industrial development stages and different financial needs,it is necessary to match different financial support paths for different development stages of new energy vehicle industry.Specifically,the financial support path can be divided into equity support,debt support and policy based financial support.Therefore,the in-depth analysis of the mechanism of the impact of different financial support paths on the development of new energy vehicle industry has great significance.On the one hand,it is perfect to improve the relevant theories of financial support;on the other hand,it has practical significance to promote the development of new energy vehicle industry.Taking the listed 43 companies of China’s new energy vehicle industry as the object of this research,the paper uses three-stage DEA and Malmquist model to obtain the financial support efficiency and its dynamic changes in the new energy vehicle industry from 2012 to 2018,and then,based on the measured efficiency,uses Tobit regression method to quantitatively analyze the influencing factors of financial support efficiency.In terms of content:(1)Construct the evaluation index system of financial support efficiency,and establish a Three-stage DEA model to measure and evaluate the financial support efficiency of China’s new energy vehicle industry;(2)Introduce Malmquist model to analyze the dynamic change of financial support efficiency;(3)Select the influencing factors of financial support efficiency at the micro level.Indicators are independent variables,DEA efficiency measurement results are dependent variables,then try to do the Tobit regression analysis;(4)According to the empirical results,we draw conclusions and then put forward the relevant policy recommendationsThe empirical analysis shows that:(1)The overall efficiency of the sample enterprises is not high,only about 25%of the enterprises are technically effective every year.The level of financial support efficiency of new energy vehicle listed companies is uneven and shows obvious differences.50%of enterprises are in the state of increasing returns to scale,and the scale of financial support is still in the stage of expansion;(2)Environmental factors and random disturbance factors have a significant impact on the financial support efficiency of new energy vehicle industry development.After removing environmental factors and random errors,the mean values of comprehensive efficiency,pure technical efficiency and scale efficiency of new energy vehicle enterprises in China are 0.8762,0.9645 and 0.9077,and the TE,PTE have increased compared with the input variables before adjustment,while the scale efficiency has decreased;(3)Malmquist index analysis shows that the improvement of comprehensive technical efficiency of new energy vehicles promotes the improvement of total factor productivity;(4)The Tobit model results find that the total asset turnover rate,cost profit rate and intangible asset ratio have significant positive effects on financial support efficiency,and the long-term debt equity ratio has significant negative effects on financial support efficiency.Finally,the paper puts forward suggestions on how to improve the efficiency of financial support for the development of new energy vehicle industry from three aspects:enterprise,government and financial market.From the perspective of enterprises,enterprises should optimize capital structure,expand financing channels and improve resource allocation efficiency while expanding production scale moderately;from the perspective of governments,governments should increase support and set up special funds to promote the innovation of key technologies of new energy vehicles;from the perspective of financial markets,financial markets should actively promote the innovation of financial products and make efforts to improve the credit service system and build a multi-level capital market.