Research On The Impact Of Government Subsidies And R&D Investment On Corporate Profitability

New energy vehicles are alternatives to traditional fuel vehicles.They have huge advantages in saving resources and protecting the environment.Promoting the development of the new energy vehicle industry is equivalent to protecting our "Jinshan Yinshan".At present,the new energy vehicle industry is a global Emerging industries that focus on development are also one of the key industries fostered in China.However,due to the relatively short development time of China's new energy vehicle industry,core components still rely on foreign imports,and there are disadvantages such as high prices and insufficient support in the market,which severely restricts consumers' enthusiasm for purchasing and is not conducive to the development of the new energy vehicle industry.In order to improve this situation,the government uses government subsidies to adjust the relationship between R & D investment and corporate profitability,cultivate the independent innovation capabilities of the new energy vehicle industry,and support the development of the industry.This paper takes this as a research background,after summarizing the relevant literature on government subsidies,R & D investment,and corporate profitability,based on the theoretical foundation of technological innovation theory,externality theory,information asymmetry,market failure theory,and stakeholder theory,Analyze the interaction and influence mechanism of the three,and select a total of 316 valid data from 2011-2018 of listed new energy vehicle companies as samples,use R & D investment intensity as the explanatory variable,sales profit rate as the explanatory variable,and government subsidy intensity As a moderating variable,conduct theoretical analysis and empirically test the relationship between the three.This paper first studies the relationship between R & D investment and corporateprofitability,then uses government subsidies as a moderating variable,analyzes the regulatory effect of government subsidies on the relationship between R & D investment and corporate profitability,and draws the following conclusions : First,the current R & D investment has a depressive effect on the profitability of new energy automobile companies,and the lagged R & D investment has a promoting effect on the profitability of new energy vehicle companies.Second,government subsidies in the current period and the lagged period have a positive adjustment effect on the relationship between the R & D investment and enterprise performance in the current period and the lagged period.Based on the above conclusions,this article puts forward four recommendations.First,new energy vehicle companies should insist on continuous investment in R & D activities,and they should not be discouraged because R & D activities are slow.Second,formulate reasonable government subsidy standards,prevent fraudulent compensation,raise the threshold of subsidies,and enable enterprises dedicated to R & D to obtain more subsidies,thereby enhancing their profitability.Third,strengthen the protection of intellectual property rights of new energy vehicles,prevent the occurrence of "free riders",and stimulate the enthusiasm of enterprises for R & D investment.Fourth,to establish a good R & D environment,under the guidance of the government,a benign R & D mechanism oriented to results should be formed to promote the development and maturity of the new energy vehicle industry.The innovation of this article is mainly to use the government subsidies in the new energy vehicle industry as a moderating variable to analyze the relationship between government subsidies,R & D investment and corporate profitability,and analyze the impact of its lag period.It is hoped that with the development of the new energy vehicle industry and the increase of sample data in the future,its research can be more comprehensive and in-depth,and it is more conducive to the test of lagging effects.