Financing Constraints And Innovation Performance Of Hydrogen Fuel Cell Enterprises

In order to solve the environmental problems faced by China,China has made the development and application of "hydrogen energy" a key strategic development direction during the 14 th Five Year Plan period,and formulated the "Medium and Long Term Plan for the Development of Hydrogen Energy Industry(2021-20235)" to clarify the strategic position of hydrogen energy at the national level.In the context of China’s vigorous development of hydrogen energy,the main application scenario of hydrogen energy is currently in the automotive end.Starting from the automotive end,the application scenario and environment of hydrogen energy are implemented.On this basis,China has emerged a large group of innovative technology enterprises focused on research and manufacturing,focusing on hydrogen energy application and development.Among them,hydrogen fuel cell enterprises are the ones that master one of the core technologies of hydrogen energy development.Due to the immature stage of fuel cell technology,which requires significant investment in research and development funds,but it is not clear whether it can produce products with market competitiveness and bring stable and considerable economic returns,investors hold a cautious and conservative attitude towards investing funds in hydrogen energy enterprises,resulting in financing constraints for fuel cell enterprises,Currently,the main ways to alleviate financing constraints include government subsidies and secondary market listings.One is government subsidies.Based on the previous development path of electric vehicles,when the financial situation of enterprises is not mature enough and the property rights system of enterprises is not clear enough,it will lead to "fraudulent subsidies" of non-performing enterprises,resulting in low efficiency of government subsidies and the inability of truly promising enterprises to obtain subsidies,thereby failing to improve innovation performance;The second is to go public in the secondary market.Currently,the country has further optimized the development of fuel cell enterprises.By combining government subsidies and capital market listing methods,funds are efficiently guided to flow into enterprises with genuine materials,achieving efficient development of the enterprise and the entire hydrogen energy industry.On the basis of existing research and based on the theory of "financing constraints",this paper summarizes the financing constraints and response measures faced by innovative technology enterprises in China,and selects Yihuatong,a leading hydrogen energy industry in China,as the first and only company listed on the Chi Next,Science and Technology Innovation Board,and Hong Kong securities market in China.This project intends to conduct empirical research on Yihuatong,mainly focusing on the financing bottlenecks caused by technological development risks faced by China’s hydrogen energy industry,the financing process of Yihuatong,and the optimization of financial subsidies on its R&D investment.Based on this,innovative performance research will be conducted on the research results of 325 science and technology innovation sectors as of the end of 2022,In order to bring certain reference significance to companies that have not yet listed in the science and technology innovation sector.