Research On The Influence Of Government Subsidies On Enterprise Performance In New Energy Automobile Industry

The traditional fuel automobile industry brings global warming,environmental deterioration,oil and gas resources reduction and other problems,many countries have formed a consensus to develop the new energy automobile industry.However,at present,China’s new energy vehicle industry is in the early stage of development,mainly facing the government subsidy system is not perfect,charging pile and other infrastructure backward,the lack of core technology three major problems.In order to realize the sustainable development of the new energy vehicle industry,the support of capital and technology is indispensable.Therefore,it is very important for the Chinese government to introduce standardized and differentiated subsidy system.In this paper,51 enterprises in China’s new energy vehicle industry from 2014 to2020 were selected as research samples,built models and tested them on the basis of literature,theory,and scatter plot analysis to study the relationship between government subsidies and enterprise performance in depth.The empirical research conclusions of this paper are as follows:(1)There is an inverted u-shape between government subsidies and enterprise performance in the new energy vehicle industry,that is,the effect of appropriate government subsidies is the best.(2)Compared with the upstream and downstream new energy vehicle enterprises in the industrial chain,government subsidies have a more significant impact on the mid-stream new energy vehicle enterprises in the industrial chain,that is,government subsidies have a better subsidy effect on the mid-stream new energy vehicle enterprises in the industrial chain.(3)Compared with coastal areas and state-owned new energy vehicle enterprises,government subsidies have a more significant impact on non-coastal areas and non-state-owned new energy vehicle enterprises.Non-coastal areas,non-state-owned new energy vehicle enterprises tend to have low market share,large financing pressure and other disadvantages,so they are more sensitive to government subsidies.Therefore,the government should increase subsidies and support for the non-state-owned and non-coastal areas of the new energy vehicle industry.(4)Enterprise R&D investment positively moderates the relationship between government subsidies and corporate performance,that is,moderate to high R&D enterprise subsidies will have better effect.From the perspective of topic selection,the current government subsidy support policy system is not mature and is in the stage of continuous updating and improvement.This paper takes the new energy automobile industry as an entry point to discuss the relationship between government subsidy and enterprise performance,which is conducive to the government to introduce better subsidy policies and improve the efficiency of enterprises to use government subsidies.Finally,this paper puts forward relevant suggestions: from the perspective of the government,moderate subsidies should be given to high R&D enterprises,establish a subsidy feedback and control platform based on big data to improve the effectiveness of subsidies,and increase subsidies for non-coastal and non-state-owned enterprises in the new energy vehicle industry;from the perspective of enterprises,we should not rely too much on government subsidies,improve the use efficiency of government subsidies,increase R&D investment,and build the core competitiveness of enterprises in the industry;from the perspective of finance,we should build a platform for industrial chain information,develop fintech products relying on digital credit platforms,deepen the reform of interest rate liberalization,promote the reform of direct financing market,improve the mechanism of financing and credit enhancement,and strengthen the construction and promotion of enterprise brands.