Research On The Influence Of Government Subsidies On Enterprise Value Of New Energy Vehicle

At present,my country is in a critical period of economic transformation and upgrading.It is of great significance to accurately guide enterprises to strengthen R&D and innovation in promoting the high-level development of my country’s economy.At this stage,the R&D and innovation capability of China’s new energy vehicle enterprises is generally weak.The main reason is that enterprises lack sufficient funds for R&D and innovation.The spillover effect of technological innovation will dampen the enthusiasm of enterprises for R&D and innovation to a certain extent.In addition,R&D and innovation achievements cannot be effectively protected.As a result,enterprises lose their R&D and innovation power.In order to encourage new energy vehicle enterprises to carry out R&D and innovation activities,the government usually adopts subsidies to give enterprises strong support in terms of policy funds.Although some results have been achieved,high-intensity subsidies have also increased the risk of private misappropriation,abuse and blind use of government subsidies by enterprises.Its actual guiding effect is inevitably unsatisfactory,resulting in a gradual decline in government subsidies for new energy vehicles.Based on the current situation of limited subsidy resources,how to effectively play the guiding role of government subsidies in the R&D innovation of enterprises and realize the improvement of enterprise value is an important practical problem.Therefore,this study takes the representative new energy vehicle enterprises among the pioneers of R&D and innovation as the research object,and deeply explores the effect and mechanism of government subsidies on enterprise value.This study takes 268 new energy vehicle listed enterprises in 2016-2020 as the research object,and uses the existing research results and relevant theoretical basis for reference to empirically test the mechanism of government subsidies affecting the value of new energy vehicle enterprises.The empirical results indicate that government subsidies have a significant positive impact on the market value of enterprises,and R&D innovation investment has a partial intermediary role between them,that is,government subsidies affect the market value of enterprises through the intermediary role of R&D innovation investment.Government subsidies have a significant positive impact on the financial value of enterprises,and R&D innovation output has a partial intermediary role between them,that is,government subsidies affect the financial value of enterprises through the intermediary role of R&D innovation output.This study reveals the impact effect and mechanism of government subsidies on the value of new energy vehicle enterprises,which not only enriches the research results of the impact of government subsidies on the value of enterprises,but also puts forward targeted strategies for how the government should optimize government subsidy policies,how enterprises should improve the efficiency of R&D and innovation,and how they should strengthen the protection of R&D and innovation achievements to comprehensively enhance the value of new energy vehicle enterprises.