Financing Mode And Innovation Investment Of New Energy Vehicle Enterprises

In the new era,China ’s high-quality development cannot be separated from enterprise innovation,innovation is the essence of social development.In recent years,China is more aware of the importance of high-tech innovation and development in Sino-US trade friction.As one of the high-tech industries,the innovation and development of new energy automobile industry is particularly important.As General Secretary Xi Jinping pointed out,’ developing new energy vehicles is the only way for China to move from a big automobile country to a powerful automobile country.’ However,China ’s new energy vehicles have structural capacity imbalance : low-end technology and vehicle business overcapacity,high-end technology capacity is insufficient.Therefore,new energy automobile enterprises also need to increase innovation,and enterprise innovation needs capital investment.Adequate funding is the guarantee for enterprises to carry out innovative activities.Different sources of funds correspond to different contracts and constraints,thus having different impacts on enterprise innovation investment.Therefore,how to obtain funds is more conducive to promoting the innovation investment of new energy vehicle enterprises is an urgent problem to be solved.At present,there are few studies on the differential impact of different financing methods on innovation investment of new energy vehicle enterprises.Few scholars study the ’ stimulating effect ’ of government subsidies on innovation investment in new energy automobile enterprises,and what role government subsidies play between financing methods and innovation investment.This article will discuss this direction.New energy automobile industry is a special complex system.There are obvious financing differences among enterprises with different properties.This paper will further refine the research.Based on Schumpeter ’s innovation theory,signal transmission theory,pecking order financing theory and trade-off theory,this paper puts forward three research hypotheses,and designs an empirical model according to the research hypotheses.This paper takes listed companies of new energy vehicles as the research object,and 2015-2020 as the research interval.Finally,192 enterprises and 807 observations are selected and the stata software is used for empirical analysis to study the relationship between financing methods and innovation investment and the stimulating effect of government subsidies.The regression results show that :（1）compared with internal financing,external financing can better promote enterprise innovation investment;（2）Compared with debt financing,external equity financing can better promote enterprise innovation investment;（3）Government subsidies have a ’ stimulating ’ effect on innovation investment,and the increase of government subsidies can promote enterprises to choose external equity financing to meet the needs of innovation funds.This paper also explores the impact of different financing methods on enterprises of different sizes and different stages of industrial chain,and the results show that there are differences in financing sources and financing constraints of different types of enterprise innovation.The debt financing of large-scale and downstream new energy automobile enterprises has no obvious inhibitory effect on innovation investment,and government subsidies have a greater role in promoting innovation investment of small-scale and upstream enterprises in the industrial chain.Based on the above research,this paper suggests that we should vigorously promote personnel training,play a market role,strengthen inter-bank competition and broaden corporate financing channels to alleviate financing problems and promote innovation investment of new energy automobile enterprises.