The Impact Of Government Subsidies On The Performance Of New Energy Vehicle Enterprises—

The development of traditional fuel vehicles has not only faced the pressure of“environmental pollution”,but also the pressure of “energy crisis”.In this context,new energy vehicles emerge as the times require.As an emerging industry,the expansion of new energy vehicle enterprises in China has been plagued by high technology cost,insufficient R&D capability and low consumer acceptance.Therefore,the government issued a series of subsidy policies for the purpose of promoting application and encouraging R&D.The core issue of this paper is whether the two purposes of subsidies will have an impact on corporate performance? What is the effect mechanism of different types of government subsidies on enterprise performance?In the part of industry research,firstly,it combs the policy development of different types of government subsidies,and analyzes the development trend of the two types of subsidies;Secondly,it analyzes the effect of different types of subsidies on the industry from a macro perspective;Finally,combined with externality theory,consumer price subsidy destination theory and Schumpeter innovation theory,this paper puts forward the mechanism of different types of government subsidies on enterprise performance,and then uses cases to verify the theoretical analysis conclusion.In the case analysis part,aiming at the promotion and application-oriented subsidies,this paper constructs a financial analysis framework,relies on Du Pont analysis system,takes the return on net assets as the core index,and takes 2016 as the key time node to explore the impact of the promotion and application-oriented subsidies on the business situation before and after the decline,and verifies the theoretical analysis conclusion.It is found that the impact of application-oriented subsidies on BYD will be reflected in the operating profit rate index.Before the decline of subsidies,application-oriented subsidies can improve BYD’s operating conditions and short-term performance by increasing the gross profit rate of products.After the decline of subsidies,the gross profit rate of the product continued to decline,which confirmed the theoretical analysis results in the case study.In addition,the promotion of application-oriented subsidies can increase the sales of new energy vehicle business by stimulating consumers,and then Improve BYD’s operation.However,due to the delay of its payment,the accounts receivable caused by the inadequate promotion and application of subsidies will affect the cash flow level of BYD.In view of the incentive R&D subsidies,through the analysis of the impact of this type of subsidies on R&D activities,it is found that the proportion of the incentive R&D subsidies obtained by BYD in recent years is not high in the overall R&D investment of enterprises,and shows a downward trend.It shows that BYD has less dependence on such subsidies.Although such subsidies can reduce the R & D capital pressure of BYD to a certain extent and encourage enterprises to carry out R&D activities,compared with other enterprises in the industry,the output of R&D performance of BYD mostly comes from the management ability and R&D ability of enterprises.The analysis process and research conclusions of this paper have certain reference significance for the business strategy of new energy vehicle manufacturing enterprises and the choice of government subsidy policy.