The Impact Of Government Subsidies On Total Factor Productivity Of New Energy Vehicle Enterprises

In an increasingly tense resource constraints,increasingly serious environmental constraints,and under the influence of the Internet and other new technologies,to reduce greenhouse gas emissions,reduce oil consumption of non-renewable resources,accelerating the development of intelligent car,snatched,preempt the auto industry change,the world’s major countries are the new energy vehicles as a necessary choice.At present,there are three development routes of new energy vehicles,which are pure electric,hybrid and hydrogen energy vehicles.Hydrogen energy vehicles are still in the early stage of industrial development,which has a short time of development in China,immature technology and industrial chain,and are only piloted in some places with low sales volume.From the technical level,development potential and other aspects,pure electric vehicle is the most recognized and most sought after development route in the current market,and it is the future trend.In March 2012,the Ministry of Science and Technology officially issued a document to establish the future development direction of "pure electric drive" new energy vehicles,and has never wavered since.Gasoline-electric hybrid vehicle(PHEV)is a transition scheme caused by battery technology defects at the early stage of new energy vehicle development.At present,PHEV is favored by some consumers and has a certain market basis.After more than a decade of development,the auto industry represented by pure electric and gasoline-electric hybrid,with the support of national financial subsidies and various policies,has witnessed the continuous development of its industrial chain and the continuous improvement of vehicle sales.A number of international well-known brand enterprises,such as Ningde Times,Enjie Corporation and BYD,have emerged.This paper focuses on the analysis and discussion of the relationship between government subsidies and production efficiency of enterprises related to the new energy vehicle industry chain represented by pure electric vehicles and gas-electric hybrid vehicles.The main contents and conclusions are as follows:First,the relationship between financial subsidy policies and total factor productivity(TFP)of new energy vehicles and the relevant theoretical basis are discussed.Low emissions,low energy consumption,simple maintenance,low cost and unmanned are the important characteristics of new energy vehicles that are different from traditional vehicles.The development of new energy vehicles is conducive to the improvement of China’s ecological environment,the enhancement of national energy security,the control of the core technology of the automobile industry,and the promotion of employment.The remarkable economic and social benefits of new energy vehicles make the development of this industry have good positive externalities.However,due to the large investment in technology research and development,strong uncertainty of research and development,a long period of market cultivation,high cost and price problems have not been solved,the industrial growth in the early stage of weak competitiveness,low public acceptance,large-scale promotion and application is difficult.If there is no government guidance,no government financial subsidies,land and policy support,in a fully competitive market environment,new energy vehicles can hardly achieve development and progress by relying only on the "invisible hand" market mechanism,and the problem of market failure is bound to appear.Therefore,strong support and reasonable intervention from the government are needed,and tax,subsidy and system means are adopted to support the links such as research and development,achievement transformation,industrialization and infrastructure.Secondly,after the empirical analysis of the relationship between financial subsidies and total factor productivity of new energy vehicle listed enterprises in China,it is found that: first,in the overall empirical research,government subsidies are negatively correlated with total factor productivity of new energy vehicle,that is,government subsidies have an inhibitory effect on total factor productivity of Shanghai and Shenzhen A-share listed enterprises in transition,The main reason is that in the critical period of transformation,the related enterprises in the new energy vehicle industry chain do not use the government subsidy funds to increase the R&D expenditure and improve the core technology ability of enterprises,but constantly expand the scale of enterprises and expand at a low level,which has a negative impact on the total factor productivity;Second,government subsidies promote the total factor productivity of enterprises with high proportion of new energy vehicle business.After receiving government subsidies,these enterprises will use the subsidies for R&D to improve their total factor productivity.