| In recent years,China’s rapid economic development at the same time,energy problems have become increasingly serious,the development of new energy industry has become a key area of national attention.The country has taken many measures for the promotion and application of new energy vehicles,the most powerful of which is the financial subsidy policy.The power battery industry is the "heart" part of the whole industry chain of new energy vehicles,accounting for 40% to 60% of the total cost of vehicle production,and is a key part of automobile manufacturing.In the initial stage of the new energy industry,the country focused on the power battery industry,and actively adjust the policy to guide.However,with the gradual expansion of new energy financial subsidies,the industry began to have problems such as overcapacity,lack of R & D innovation capacity,and even the emergence of car companies "fraudulent subsidies".For this reason,in 2015,the government first introduced a policy on new energy subsidies,clearly stating that the fiscal subsidies will be gradually phased out between 2016 and 2020.In addition,the government introduced a subsidy policy in 2016 to raise the subsidy standard for power batteries,which has an important impact on the structural changes of the power battery industry.Starting from 2016,the new energy enterprise industry officially stepped into the subsidy retreat phase,but due to the impact of the new crown epidemic,the subsidy retreat was delayed until the end of 2022.The change in subsidy policy makes the whole new energy vehicles are facing an unprecedented test,and the industrial structure is slowly changing.In this context,are the power battery companies,which are at the core of the new energy industry,keenly aware of the subsidy withdrawal policy and the resulting changes in the market environment,and adjust their investment behavior accordingly? What kind of economic consequences will the investment behavior bring to the enterprises during the subsidy withdrawal stage? How should power battery enterprises develop better in the future? It is worthwhile for us to study in depth.The article selects Guoxuan Hi-Tech,a representative company in the new energy power enterprise industry,as the research object,and takes the new energy subsidy withdrawal policy as the background to explore its adaptive investment behavior and its economic consequences in depth.At the micro level,the policy can guide the investment behavior of enterprises and direct their investment direction,thus effectively promoting better development of enterprises.For example,the company has adjusted the structure of power battery products and increased the investment in ternary power batteries to make the products more high-end.In addition,enterprises continue to explore niche markets,invest in new application areas such as energy storage power stations,communication base stations and marine power batteries to explore new profit growth points,accelerate the extension of the upstream and downstream industry chain,increase long-term equity investment and enhance the competitiveness of enterprises.During the subsidy withdrawal phase,the adaptive investment behavior of enterprises brings changes in market effect,financial effect,and financial risk,and the study finds both positive and negative effects,which laterally indicates that enterprises need to further optimize their investment behavior.Therefore,the article puts forward corresponding suggestions,aiming to help the case company to obtain better development in the future,as well as to provide some reference and reference for the investment decision of enterprises in the same power battery industry. |
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