Research On The Efficiency Of Financial Support For The Development Of New Energy Vehicle Industry

In recent years,people’s attention has gradually been paid to clean energy,and the new energy vehicle（NEV）industry has received unprecedented attention.The unprecedented attention,new energy vehicles industry is different from oil as the fuel of conventional car industry.The NEV industry is different from the traditional automobile industry fueled by oil,which can reduce China’s dependence on imported oil.And it has the characteristics of energy conservation and environmental protection.The NEV industry is consistent with China’s development strategy.Finance plays a key role in the development of the NEV industry,and whether financial support is sufficient affects the development of the NEV industry.In the case of scarce financial resources,it is more important to improve the financial support efficiency of the development of the NEV industry.First of all,this paper sorts out the literature related to the NEV industry,summarizes the experience,and introduces the theoretical and logical mechanism of financial support for the development of the NEV industry.Secondly,it conducts empirical research on 27 listed companies in my country’s NEV industry.Input indicators are selected from the three aspects of equity financing,creditor’s right financing and financial market risk,and output indicators are selected from the company’s growth capacity and profitability.Next,the DEA will be used to measure the effectiveness of financial support for the NEV industry,and the Malmquist index will be used to measure changes in the effectiveness of financial assistance in the study sample period.Next,we will use the Tobit structure to analyze the key components of the effective financial support of the NEV industry from a commercial and policy level.Finally draw conclusions and make recommendations.According to the survey results,the financial support efficiency level of different NEV enterprises varies greatly.Specifically,the overall efficiency of the NEV industry has declined in all years except 2018.when the comprehensive efficiency value rises.In the sample observation period,12 enterprises have never achieved comprehensive efficiency,and only one enterprise,The comprehensive technical efficiency value of only Xiamen Faratronic Co.,Ltd.has always been at the forefront of efficiency;Except for the rebound in2018,the value of pure technical efficiency has been trending downward in other years.The pure technical efficiency values of the two enterprises,Wuxi Lead Intelligent Equipment Co.,Ltd.And Shenzhen Yinghe Technology Co.,Ltd.were always on the efficiency frontier during the sample observation period.Eight enterprises failed to achieve pure technical efficiency during the sample observation period,among which 4 enterprises,such as Wanxiang Qianchao Co.,Ltd.and Jiangsu Azure Corporation were always below the average in the pure technical efficiency during the observation period.Efficiency of scale usually drops slightly.Only the Xiamen Faratronic Co.,Ltd.were efficient at scale during the observation period.As a result of the analysis of the Malmquist index,it was found that the total productivity of the factors of financial support for the development of the new energy and automotive industry decreased during the observation period,due to the low level of technology.In terms of influencing factors analysis,cost profit margin,liquidity ratio,R＆D investment,Proportion of intangible assets,government subsidies and financial support efficiency are significantly positively correlated,while long-term debt-to-equity ratio and financial support efficiency are significantly negatively correlated.Finally,according to the research findings,this paper puts forward reasonable suggestions from the aspects of enterprises,financial markets and governments.Enterprises should expand production scale,strengthen research and development efforts,improve capital structure and increase financing methods;the financial market should support financial innovation,improve credit system,and Strengthen risk control and the government should improve fiscal subsidies,strengthen cooperation with private and improve scientific and technological innovation measures.