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

The state has vigorously implemented the supply side structural reform strategy.The government has formulated a series of preferential policies to support the development of the new energy vehicle industry,and incorporated the new energy vehicle industry into one of China’s seven strategic emerging industries in 2010.With the support of government policies,China’s new energy vehicle industry has gradually developed and matured.By 2016,the government has adopted the policy of subsidization,the amount of subsidy has been gradually reduced,the speed of subsidization has been accelerating,and the range of subsidized models has been gradually expanded.How the decline of policy subsidies has achieved the expected purpose,what impact it has on the performance of new energy vehicle companies,and what impact it has on various types of new energy vehicle companies are the key points of this chapter.Based on the study of the current situation of the relationship between the decline of government subsidies and the performance of new energy vehicle enterprises at home and abroad,this paper systematically analyzes the necessity of the decline of government subsidies and the relationship between the decline of government subsidies and the performance of new energy vehicle enterprises.According to externality theory,general equilibrium theory,consumer related theory,industry cycle theory and endogenous growth theory,this paper analyzes the theoretical mechanism of the decline of government subsidies affecting the financial performance and non-financial performance of new energy vehicle enterprises,and puts forward the hypothesis based on the corresponding theoretical analysis.Taking the relevant data of A-share new energy vehicle listed companies in Shanghai and Shenzhen from 2016 to 2020 as the research sample,establish a multiple linear regression model,test the model with Stata,and test the lag effect and robustness to ensure the effectiveness and stability of the regression results.The conclusions are as follows:there is a significant negative correlation between the decline of government subsidies and the financial performance of new energy vehicle enterprises,that is the decline of government subsidies will reduce the financial performance of new energy vehicle enterprises;There is a significant positive correlation between the decline of government subsidies and the non-financial performance of new energy vehicle enterprises,that is the decline of government subsidies can promote the R&D of new energy vehicle enterprises and improve the non-financial performance of enterprises;For different types of enterprises,the impact of the decline of government subsidies is also different.Put forward the following suggestions for enterprises:offset the negative effects of the decline of government subsidies with technological innovation,improve the core competitiveness of enterprises,promote the large-scale development of enterprises and reduce the production cost of enterprises through technological innovation;Improve the utilization efficiency of government subsidies,promote product research and development,realize product differentiation,produce products that meet the needs of consumers,and improve consumers’purchase desire;Adjust the development direction of enterprises,make up for the shortcomings of enterprises,reduce the dependence on subsidies,and narrow the gap between new energy vehicles and traditional fuel vehicles by reducing the construction cost of infrastructure such as charging piles.