The Research On The Influence Of Government Subsidy And R&D Investment On The Value Of New Energy Vehicle Enterprises

The development of new energy vehicles in China is of great significance.In order to obtain the leading position of new energy technology in the world and improve the core competitiveness of China’s new energy vehicle enterprises,the Chinese government has adopted a long-term government subsidy policy to help the development of new energy vehicle industry.However,since the beginning of 2018,the subsidy has adopted a retrogressive policy to raise the threshold of subsidy application,and the amount has decreased year by year,which greatly stimulated new energy vehicle enterprises to carry out technology research and development,In order to force enterprises to meet the subsidy standards,and complete the quality and sales promotion,in order to ensure the survival and development.In order to explore the impact of government subsidies and R& D investment on the value of new energy vehicle enterprises,the research contents of this paper are as follows:A brief summary of the previous literature found that most of the research conclusions show that government subsidies and R & D investment have a positive impact on enterprise value.Based on the current situation of government subsidies for new energy vehicles and the relationship among them,this paper holds that the impact of government subsidies and R & D investment on enterprise value is not only positive promotion.Based on the data of 27 new energy vehicles in Shanghai and Shenzhen stock markets from 2016 to 2019,this paper makes an empirical analysis.Through the empirical test,the following conclusions are drawn.First,R & D investment and government subsidies are the factors that can directly affect enterprise value,and they are positively correlated;Second,government subsidies have no significant effect on R & D investment;Third,government subsidies have a negative moderating effect on the impact of R& D investment on enterprise value.Based on the results of this empirical study,this paper puts forward suggestions for the government and enterprises.For the government,because the effect of government subsidies on R & D investment is not significant,we must adopt a more specific way to stimulate R & D investment,strengthen supervision,and design policies to avoid crowding out effect,so as to stabilize the enterprise value recognized by the market and further promote the new energy vehicle technology into a good development.For enterprises,many successful new energy enterprises have accumulated a lot of R & D investment for many years,and their market value has increased by leaps and bounds.Therefore,they should be optimistic about the transformation of long-term R & D investment into enterprise value.At the same time,they can speed up the integration of advantageous technological innovation resources by means of reorganization and merger,More efficient use of government subsidies and R & D investment to enhance enterprise value.