An Empirical Study On The Relationship Between R&d Investment And Financial Risk Of New Energy Automobile Enterprises

In recent years,the state has vigorously supported the development of new energy industry,and the new energy automobile industry has also ushered in good development opportunities.The government has given new energy automobile enterprises better development space through a series of supporting policies and financial subsidies,especially through financial subsidies,encouraging new energy automobile enterprises to actively participate in the technology research and development of new energy vehicles.However,with the decline of government subsidies for new energy automobile enterprises,many new energy automobile enterprises have encountered bottlenecks in development,not only the investment in research and development has declined,but also serious financial difficulties.Therefore,this paper takes the A-share listed new energy automobile enterprises in Shanghai and Shenzhen as samples,makes statistics on the current situation of financial risks of new energy automobile enterprises,and empirically tests the influence of R&D investment on financial risks of new energy automobile enterprises,and considers the moderating effects of financing constraints and institutional environment between R&D investment and financial risks of new energy automobile enterprises.The study found that:First,the financial risk degree of new energy automobile enterprises is relatively high,and it is increasing year by year.Second,the increase in R&D investment of new energy automobile enterprises will bring about an increase in financial risks in the short term,but will reduce financial risks in the long term,which will take about three years.This relationship is more obvious in non-state-owned new energy automobile enterprises and new energy automobile enterprises in the central region.Thirdly,considering the regulatory effect of financing constraints,the R&D investment of new energy automobile enterprises brings higher financial risks in the short term,which is more obvious in non-state-owned new energy automobile enterprises and new energy automobile enterprises in the eastern region.Fourthly,considering the regulatory effect of institutional environment,the positive impact of R&D investment on financial risks of new energy automobile enterprises in the short term becomes weaker,and this relationship is more obvious in non-state-owned new energy automobile enterprises and new energy automobile enterprises in the eastern and central regions.