The Influence Of Government Subsidy On Innovation And Performance Of New Energy Vehicles Industry

During the Twelfth Five-Year Plan,China seized the important historical opportunity and decided to develop the new energy vehicles industry as a strategic emerging industry,in order that make up for the contradiction between the backward situation of China’s automotive industry and the increasing demand for vehicles.At the same time,it can also realize the transformation of green way to travel and make China be more powerful in vehicles industry.Since 2011,the central and local governments have introduced subsidy policies for the new energy vehicles industry to help new energy vehicles companies expand production and improve R&D capabilities.However,the existing domestic and foreign research literature on the effect of government subsidies on corporate financial performance and innovation performance has not yet reached a unified conclusion.This paper analyzes the impact of government subsidies on the performance of new energy listed companies by using the relevant data since the implementation of new energy subsidies,so as to summarize the actual impact of the new energy vehicle subsidy policy in the implementation process,and give advice to government and enterprises.As a leading company in the field of new energy vehicles in China,BYD is among the best in both sales and technology.The research on BYD’s financial performance and innovation efficiency can help to analyze the impact of government subsidies on new energy enterprises.This paper focuses on reducing the influence of subjective factors on the analysis results.In the analysis of BYD’s financial performance,this paper first use cluster analysis and multiple correlation coefficient method to establish the financial performance index evaluation system of new energy vehicle industry,then use the coefficient of variation method to calculate the proportion of each evaluation index,and combine with BYD’s financial data over the years to get the financial performance of BYD,and finally analyze the impact of BYD’s financial performance with the change of subsidy policy.For the analysis of BYD’s R & D innovation,this paper not only use the data of government subsidies and the impact of BYD’s R & D investment,but also use the data of BYD’s R & D expenditure,R & D personnel and BYD’s patent application for DEA model,and get the innovation efficiency of BYD,so as to analyze the impact of government subsidies on BYD’s innovation.After analysis,it is found that government subsidies can promote the improvement of BYD’s financial performance,especially for the improvement of BYD’s long-term financial performance;government subsidies can also play an incentive role for BYD’s R & D expenditure,and this incentive effect is relatively rapid and direct;government subsidies have a positive effect on BYD’s t h i r d years of innovation efficiency,and BYD currently relies on government subsidies in R&D and innovation;the impact of government subsidies on BYD’s finance and innovation has a certain lag,and the government’s evaluation of the impact of subsidy policies should also pay due attention to long-term performance.