Research On The Influence Of Government Subsidies On The Financial Performance Of New Energy Vehicle Listed Companies

Under the pressure of environmental pollution and energy crisis,it is imperative to develop new energy vehicles.In terms of environmental protection,the development of new energy vehicles can effectively reduce environmental pollution.In terms of energy conservation,the development of new energy vehicles can reduce energy consumption.At the same time,the arrival of new energy vehicles has also accelerated the transformation and upgrading of the automobile industry and further opened up the automobile market.However,at present,the development of new energy vehicles is not mature,the market is not fully developed,there are problems such as high R&D costs,financing pressure and so on.In order to promote its development,the government needs to issue corresponding subsidy policies.After receiving government subsidies,new energy vehicle enterprises have relieved financing pressure,increased investment in R&D,improved profitability through R&D achievements,and promoted financial performance.But at the same time,there are also some enterprises that cheat subsidies,so that the government subsidies are not implemented,which can not promote enterprises to expand the scale of R&D investment to improve enterprise efficiency.Therefore,the research on government subsidies,R&D investment and financial performance of new energy vehicle enterprises is very important.This paper selects the relevant data of new energy vehicle listed companies in 2016-2019 for analysis,and introduces R&D investment as the intermediary variable.By analyzing the correlation between government subsidies and financial performance of new energy vehicle listed companies,this paper studies how government subsidies affect financial performance and the role of R&D investment in the relationship between the two,hoping to make subsidy policies for the government And how to develop the new energy vehicle enterprises to provide reference.It mainly includes the following four parts:The first part: Theory and literature review.This part firstly defines the concepts of government subsidy,R&D investment and financial performance;secondly,it combs the externality theory,information asymmetry and signal transmission theory,stakeholder theory and technology innovation theory;on this basis,it analyzes the impact of government subsidy on financial performance,the impact of government subsidy on R&D investment and the impact of R&D investment on financialperformance This paper reviews the related literature at home and abroad from the four aspects of response,government subsidies,R&D investment and financial performance,as a reference for later research.The second part is the overview of new energy vehicle listed companies.In this part,the government subsidy status,R&D investment status and financial performance status of new energy vehicle listed companies are analyzed,and the relevant index data of new energy vehicle listed companies in 2016-2019 are compared vertically.The third part is empirical analysis.According to the theory and literature,this paper puts forward the research hypothesis,selects the variables and constructs the model.The descriptive statistical analysis,correlation analysis and regression analysis were carried out by using Stata software.In order to ensure the accuracy of the research results,the robustness analysis is carried out.The fourth part,research conclusion and prospect.According to the analysis results obtained in the previous part,combined with relevant theories and literature,the following conclusions are drawn: there is a positive correlation between R&D subsidies and financial performance of new energy vehicle listed companies;there is a positive correlation between non R&D subsidies and financial performance of new energy vehicle listed companies;there is a positive correlation between R&D subsidies and R&D investment of new energy vehicle listed companies;on new energy vehicles There is no significant relationship between non R&D subsidy and R&D investment;there is a positive correlation between R&D investment and financial performance of new energy vehicle listed companies;R&D investment of new energy vehicle listed companies plays a part of intermediary role in the relationship between R&D subsidy and financial performance.On the basis of the research conclusion,the paper puts forward the policies and suggestions from the government and enterprises.