Empirical Study On The Impact Of Government Subsidies On R&D Expenditure And Performance In New Energy Automobile Industry

In recent years,the emergence of environmental problems,the pursuit of energy conservation,environmental protection has become the consensus of the Chinese people.However,in the process of development of new energy automobile industry,there are many disadvantages,such as high price and insufficient matching.Therefore,government policy plays an important role in the development of new energy automobile.The government achieves the goal of speeding up industrial restructuring and promoting industrial development by means of government subsidies.However,in the process of practice,some drawbacks brought about by government subsidies are also beginning to emerge,so it is of great significance to study the effect of government subsidies.Using the data of government subsidies of 182 listed companies in the new energy automobile industry from 2013 to 2017 as research samples,this paper makes an empirical study on government subsidies in the new energy automobile industry,and analyses the impact of government subsidies on enterprise R&D and performance.The main conclusions of this paper are as follows: 1.The government subsidy of the new energy automobile industry has a significant positive impact on the R&D expenditure of enterprises,and the coefficient is 0.2132.In the upstream,middle and downstream enterprises of the new energy automobile industry chain,the influence coefficient of government subsidy on R&D expenditure is positive,which is 0.0579,0.4614 and 0.0949,respectively.This shows that the influence of government subsidy on R&D investment of the upstream enterprises in the new energy automobile industry chain is greater than that of the downstream enterprises in the industry chain.2.There is no strong correlation between government subsidy and enterprise value.The government subsidy of new energy automobile industry has not brought about the increase of enterprise market value.This may be due to the fact that government subsidies are usually small in size,and investors can not judge the value of enterprises from the amount of government subsidies alone.The smaller the scale of assets,the higher the degree of recognition in the market,and the level of ROA is negatively correlated with the enterprise value.3.The effect of government subsidy on the income growth of enterprises in the latter period is not obvious,and the effect of government subsidy on the growth rate of business income is significantly negative.The main reason may be that the results of R&D usually take a long time to transform,and government subsidies can not be quickly reflected in the business income of enterprises.Asset-liability ratio has a greater contribution to the growth of enterprises.There is a significant negative correlation between the years of establishment and the growth rate of business income.ROA has a higher impact on the growth rate of business income and has a positive coefficient.The more profitable the enterprise,the faster the growth rate of business income.In the direction of topic selection,the new energy automobile industry as a strategic emerging industry,the government's fiscal policy is in the process of continuous development and improvement.Based on the new energy automobile industry strongly supported by the state,this paper studies the impact of government subsidy policy on industrial development.In the depth of research,combined with the data of Listed Companies in the whole industry chain of new energy automobile,this paper comprehensively analyzed the impact of government subsidies on enterprises in the whole industry chain.In terms of selection indicators and research perspective,when measuring the impact indicators of government subsidy policy,we select indicators from many aspects,and analyze the impact of government subsidy on the new energy automobile industry from the perspective of R&D expenditure and performance.Finally,on the basis of the conclusion of the study,the suggestions on fiscal subsidy policy are divided into four aspects: raising the threshold of subsidy,improving the subsidy structure,strengthening subsidy supervision and improving core technology subsidy.