Research On The Impact Of Government Subsidies And R&D Investment On The Competitiveness Of New Energy Vehicles

In recent years,environmental problems have been emerging continuously,and the problem of resource shortage has become increasingly prominent.The pursuit of energy conservation,environmental protection and resource conservation has become the consensus of the people,and the vigorous development of new energy industry is the catalyst to promote the transformation and upgrading of China's economic structure.As a national strategic emerging industry,the new energy automobile industry is the future development direction of the automobile industry and also represents the overall economic strength of a country's automobile industry.Since 2001,the party central committee and local governments have successively introduced a series of policies and a large number of government financial subsidies to promote the development of the new energy automobile industry.The government's subsidies to the new-energy automobile industry,on the one hand,supply research and development,on the other hand,supply production.R&D subsidies are designed to directly promote technological innovation;Production subsidies are aimed at increasing market competitiveness by expanding market demand.After 2016,as a large number of subsidies brought certain disadvantages to the new energy automobile industry,the phenomenon of "subsidy cheating" appeared,so the government subsidies continued to decline.Therefore,this article research mainly based on the different stages of subsidies,the government subsidies,the impact of R&D investment on enterprise performance,based on the related mechanism of empirical studies from the following three aspects:(1)Choose the return on net assets,sales net interest rate and return on total assets of the traditional performance indicators,the different stages of subsidies subsidies,R&D of new energy vehicles performance.(2)Evaluate the business performance of new energy automobile companies from 2001 to 2018 with the method of factor analysis,calculate the comprehensive score of factor analysis,and use it as the evaluation index of the competitiveness of the company to study the impact of government subsidies and R&D investment on the competitiveness of the company in different subsidy stages.(3)Whether there is a lag effect on the influence of government subsidies and R&D investment on the competitiveness of listed companies.The research conclusions of this paper are as follows:(1)The overall study shows that government subsidies play a positive role in promoting R&D investment of new energy automobile enterprises.The correlation between government subsidy intensity and R&D investment scale and R&D investment intensity is positive,and the correlation is more significant than that of non-new energy automobile companies.However,the intensity of government subsidy failed to improve the performance of enterprises and was negatively correlated with relevant performance indicators.The scale of R&D investment improves the competitiveness of new energy automobile enterprises,but the impact of R&D investment intensity on the competitiveness of enterprises is not obvious.(2)Phased research shows that: at different stages of government subsidies,the influence of government subsidies and R&D investment on the competitiveness of enterprises has a range effect.The influence of government subsidy intensity on the R&D investment scale and R&D investment intensity of new energy automobile enterprises is most obvious in the R&D subsidy stage,followed by the production subsidy stage,and the weakest in the subsidy retrograde stage.In the production subsidy stage,the R&D investment scale significantly improves the competitiveness of new energy vehicles.Although R&D subsidy stage and subsidy decline stage are positively correlated,the impact on the company's competitiveness is weaker than that of production subsidy stage.(3)The influence of government subsidy intensity on corporate performance of new energy automobile companies has no lag effect.The R&D investment scale and R&D investment intensity have a lagging effect on the corporate performance.R&D investment not only affects the current performance,but also has a significant impact on the later performance.On the whole,the supporting effect of government subsidies on the performance of new energy enterprises has to some extent violated the motivation of national policy making.The efficiency of government subsidies is not high,and a large number of government subsidies do not enhance the self-development ability of enterprises,but lead to policy risks for the subsidy funds.Finally,this paper puts forward some Suggestions for improving the financial performance of enterprises and improving the government subsidy policy,hoping to provide some references for further improving the incentive mechanism of government subsidy in China's new energy automobile industry,improving the use efficiency of subsidies,and how enterprises reasonably use government subsidies to promote their healthy development.