The Impact Of R&d Investment And Government Subsidies On Enterprise Performance In The New Energy Vehicle Industry

Under the background of global green and low carbon economy booming,new energy vehicles industry is in gaining the aim of the carbon peak and carbon neutral in China’s mighty weapon,is also the future development orientation of auto industry in our country.However,nowadays,the development of China’s new energy vehicle industry still lacks crucial competitiveness,and for the past few years,government subsidies have been increasingly withdrawn,an adverse effect on the development of the enterprise,How to search breakthrough in trouble,keep its performance ability gradually rising,the heart of the matter is the enterprise to be solved urgently.The market competition in the new energy automobile industry is ultimately the competition of crucial competitiveness.Only when enterprises have a higher level of technological innovation and exploit higher quality products,can they quickly seize the market and obtain greater competitiveness,thereby bringing greater profits to enterprises and improving enterprise performance.R&D investment refers to the capital investment of enterprises’ independent R&D innovation,while government subsidy refers to the outer financial support provided by the government to support enterprises’ R&D innovation.So to explore more R&D investment,the support of government subsidies can bring much effect to corporate performance is indispensable,can be more pertinence for the corporate provides advises for further development,better to offer enterprise performance improvement.This paper takes 445 listed companies in the new energy automobile industry from2014 to 2020 as samples,and the explained variables are enterprise performance indicators.Six secondary indicators in two dimensions of economic and social performance were used as data,the principal component analysis method is used to weigh the performance of enterprises.Explain the variable R&D use R&D intensity measure indicators,government subsidies data using the government subsidy funds logarithmic to appraise.The regulating variable is the financing efficiency index,which is obtained by the joint measurement of four input indexes and three output indexes using data enveloping analysis method.In addition,the control variables are firm size,firm growth,proportion of fixed assets,firm age and Tobin’s Q value index.According to the empirical study,the current R&D investment had a reverse effect on enterprise performance,and then turned into a noteworthy stimulative effect after a lag of two periods.The government subsidies to the firm performance has an active role,but it is not significant,especially compared with the supporting effect of R&D input,the positive effect is lower.That is,the promotion effect brought by increasing R&D investment for enterprise performance in the new energy vehicle industry is better than the positive effect brought by relying solely on government subsidies.Moreover,the interaction between current R&D investment and government subsidy can play an active role in elevating enterprise performance.After introducing financing efficiency as a regulating variable,we realize that financing efficiency plays a forward moderating part in the relationship between current R&D investment and firm performance,while it plays a reverse moderating part in the relationship between government subsidies and firm performance.Therefore,according to the research conclusion,enterprises should increase their own research and development investment to reduce the dependence on government subsidies,the government should increase the government subsidies for technological innovation activities to fully mobilize the advantages of government subsidies,industry supervision and management efforts to improve to create a good financing environment,etc,and a combination of measures will surely push the whole advance and development of the new energy vehicle industry.