Research On The Impact Of Market Financing And Government Subsidies On R&D Efficiency Of New Energy Vehicle Industry

As a strategic emerging industry in China,the new energy automobile industry has received the state’s key attention and financial support.The development of new energy automobile industry is conducive to promoting energy conservation and emission reduction of the automobile industry,and is conducive to the construction of ecological civilization in China.In order to enhance the market competitiveness and achieve long-term development,the new energy automobile industry needs to constantly improve the technical level and research and development efficiency,and the research and development activities can not be carried out without the support of strong capital.Therefore,after referring to the literature and related theories in the field of financing that affect enterprise research and development efficiency,Further explore the effect mechanism and influence relationship between market financing and government subsidies on r&d efficiency of new energy vehicle industry.The main contents of this thesis are as follows: Firstly,the literature is sorted out and summarized from four aspects: the measurement methods and influencing factors of R&D efficiency,the influence of debt financing and equity financing in market financing on R&D efficiency,the influence of government subsidies on R&D efficiency,and the moderating effect of government subsidies;Secondly,the theory of financing constraint,the theory of the relationship between government and market,the theory of financing order,the theory of economic effect of government subsidies,and the theory of signal transmission involved in the research are described.Based on this,the hypothesis of this thesis is proposed.Thirdly,the development of the new energy vehicle industry is introduced,and the current situation of the new energy vehicle industry’s funding sources,including the current situation of bond financing,equity financing and government subsidies;Then,the research and development efficiency is calculated as follows: New energy vehicles according to the conditions in the middle and lower reaches of the industrial chain to choose 41 listed company,determine the input and output index,select the data in 2012-2020,using DEA-BCC model to measure the efficiency of r&d and analyzing the overall efficiency of research and development,and analysis on different enterprise nature,geography,research and development of middle and lower reaches of the industrial chain efficiency.It is found that the overall research and development efficiency is not high,mainly because of the low pure technical efficiency.In addition,Malmquist model is used to measure the dynamic change of efficiency,and it is concluded that the change of total factor production index is basically consistent with the trend of technological change,which further proves the importance of technological level to the improvement of efficiency.Finally,the variable measurement method is determined,the data is searched and screened,and a regression model is established to analyze the relationship between market financing,government subsidies and the r&d efficiency of the new energy vehicle industry.The empirical research finds that: first,equity financing promotes the improvement of the r&d efficiency of the new energy vehicle industry,and equity financing promotes the improvement of the R&D efficiency of the new energy vehicle industry.This is due to the creditor’s rights financing have servicing pressure,and usually need to provide guarantee of fixed assets,funds cannot be free to use,so more inclined to use it as a daily production capital,no debt and equity financing pressure,capital use high flexibility,suitable for use in life cycle long research and development,can have a positive impact on the r&d efficiency.Second,government subsidies promote the improvement of the r&d efficiency of the new energy vehicle industry.As an emerging industry,external financing is subject to great financing constraints,and government subsidies,as a means of free financial assistance,can greatly relieve the financial pressure on R&D and innovation activities.In addition,the government will also have a supervision role on enterprises,urging them to improve the enthusiasm of RESEARCH and development,which will have a positive impact on the efficiency of research and development.Third,government subsidies play a positive role in regulating the relationship between market financing and r&d efficiency of the new energy vehicle industry.The behavior of enterprises receiving government subsidies can send a positive signal to the society that the government is optimistic about the development of enterprises.When enterprises carry out financing activities to the outside world,the financing difficulty will be reduced and the amount of financing will increase,which will reduce the r&d pressure of enterprises and enhance the R&D motivation,thus improving the R&D efficiency.Fourthly,from the perspective of the impact path,market financing and government subsidy affect the R&D efficiency through affecting the pure technical efficiency;Fifth,the moderating effects of market financing and government subsidy are more significant in promoting the R&D efficiency of non-state-owned enterprises.Sixth,government subsidies have a more significant positive moderating effect on the R&D efficiency of upstream enterprises,but for downstream enterprises,market financing can significantly improve their R&D efficiency.Based on the above conclusions,the policy suggestions are as follows: The government should attach importance to monetary policies focusing on market direct financing and issue government subsidies in a more targeted manner;The upstream,middle and downstream enterprises in the new energy vehicle industry should strengthen the cooperation in capital and technology,improve the financing level,so as to improve the efficiency of research and development.