Research On The Efficiency Of Financial Support And Influencing Factors Of New Energy Vehicle Industry

The global automotive industry is inevitably moving towards the new energy vehicle sector.Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,we will adhere to the development principles of innovation,coordination,greenness,openness,and sharing.We are committed to implementing the national strategy for new energy vehicles,promoting the high-quality and sustainable development of the new energy vehicle industry,and contributing to the establishment of an automotive powerhouse.The development of finance and industry is closely interconnected and mutually supportive.While the new energy vehicle industry in China enjoys preferential treatment under government policies,its large capital requirements and long investment cycles pose financial constraints to its development.It is necessary to delve into the efficiency of financial resource allocation to achieve the integration and growth of the new energy vehicle industry and financial support.In this study,we first define relevant concepts such as financial support and discuss theories related to financial structure,corporate capital structure,and industry lifecycle.Furthermore,we explore the current status of financial support for the new energy vehicle industry in China from the perspectives of policy support,equity support,and debt support.We then employ the Super-SBM model and Malmquist index model to measure the static and dynamic financial support efficiency of the new energy vehicle industry.The results indicate that the overall financial support efficiency of the industry has been relatively low from 2015 to 2021,with the automotive sector exhibiting extremely low financial support efficiency as the downstream segment of the industry chain.The eastern region demonstrates higher financial support efficiency compared to the central and western regions.The financial support efficiency values for the eastern and central regions remain relatively stable over the years,while the western region experiences greater volatility.For the periods of 2018-201 9,2019-2020,and 2020-2021,the dynamic financial support efficiency of the new energy vehicle industry exceeds 1,primarily driven by technological progress.Among the sub-sectors,except for the electrical equipment and machinery industries,all other industries have dynamic financial support efficiency values greater than 1.The efficiency values for the electrical equipment and machinery industries are 0.955 and 0.990,respectively,approaching an effective state.In terms of regional analysis,the western region reaches the highest dynamic financial support efficiency during the 2019-2020 period,with a value of 2.061.Based on these analyses,we construct a Tobit regression model to identify the factors influencing the financial support efficiency of the new energy vehicle industry,considering both macro and micro factors.The results show that the growth of the financial market,corporate capital structure,and operational capabilities have positive effects on financial support efficiency.Finally,we propose policy recommendations from the perspectives of the government,financial market,and enterprises to enhance the financial support efficiency of the industry.