Government Subsidy,R&D Input And Enterprise Value

At present,the position of knowledge in the economic operation of our country has been continuously strengthened.If enterprises want to maintain competitiveness,they must continuously strengthen technology research and development,and the research and development of new energy vehicles is very important to automobile manufacturers.These have become catalysts for automobile manufacturers to vigorously carry out R&D activities.As a means of government regulation of the market,government subsidies can stimulate and promote the technological innovation of automobile manufacturers.Compared with traditional fuel vehicles,the development of new energy vehicles mainly depends on technology research and development.With the advantages of renewable energy consumption and low pollution,new energy vehicles have become the best way to solve the problem of oil consumption and environmental pollution caused by automobiles.It is the mainstream development direction of the automotive industry in the future.In recent years,the government’s policy subsidies for the automobile manufacturing industry have increased significantly and have shown a rapid growth trend.In addition,R&D activities can improve the competitiveness of the enterprise market and lay the foundation for the development of enterprises.However,at present,the research and development activities of automobile manufacturers in China have the problems of insufficient independent innovation and insufficient R&D funds.Under the background that the government strongly supports the development of R&D and production of new energy vehicles,it is particularly important to study the impact of R&D investment,government subsidies,and corporate performance.Based on the research status at home and abroad,government subsidies,R&D investment,relevant concepts of automobile manufacturing and related theoretical analysis,this paper empirically analyzes,correlates and analyzes the data of listed companies in the automobile manufacturing industry from 2012 to 2017.Research,analysis and discussion:the impact of government subsidies on business performance,the impact of R&D investment on corporate performance,and the impact of government subsidies on corporate performance through R&D investment,and draw conclusions.Finally,based on theoretical analysis and empirical research,put forward targeted recommendations to lay the foundation for future research.The main conclusions of this paper are as follows:(1)government subsidies have a negative effect on corporate performance.The government subsidies are limited,but the government does not fully understand and effectively monitor the operation and project investment of the enterprises.Moreover,the government subsidies will make some enterprises rely on the government subsidies and not actively invest.Some enterprises that need government subsidies cannot effectively invest because they cannot get enough government subsidies The negative effect of government subsidies on business performance.(2)R&D investment has a positive effect on enterprise performance.R&D activities can bring technological innovation and management mode changes to enterprises,help enterprises reduce costs,improve revenue,improve market competitiveness,and improve enterprise performance.Enterprises should increase R&D investment and improve the efficiency of R&D activities on the basis of careful analysis of internal and external environment changes and their own capabilities.(3)excessive government subsidies have a negative regulatory effect on R&D investment and corporate performance.Due to the information asymmetry between the government and the enterprises,the government can not obtain all the business information of the enterprises.However,the source of government funds is limited and the government can not effectively monitor the enterprises.Excessive government subsidies will lead to the soft budget constraint effect.Therefore,the government should strengthen the monitoring of government subsidized enterprises,and enterprises should also enhance the efficiency of the use of government subsidized funds.