The Research Of The Influence On The Decline Of Fiscal Subsidies On Enterprise Performance In New Energy Vehicle Industry

At present,China’s new energy vehicle industry is in the final year of fiscal subsidies’ decline.In order to test the impact of fiscal subsidies’ decline on the performance of enterprises in the new energy vehicle industry,this paper uses the sample data of relevant Chinese A-share and NEEQ listed companies from 2009 to 2020 to deeply discuss the internal relationship between the decline of fiscal subsidies and enterprise performance.Through the propensity score matching method and the difference-in-differences model,while studying the influence of policies on enterprise performance,the change of the marketization degree of the new energy automobile industry before and after the policies is indirectly verified.Enterprises with different characteristics are classified according to property rights,investment capacity,financing capacity and R＆D capacity,and the impact of subsidies’ decline on performance indicators of enterprises with different characteristics is further studied.The results show that the decline of financial subsidies for the new energy vehicle industry has significantly improved the performance of enterprises in the industry,and the marketization degree of the industry has also been strengthened.Further research shows that from the perspective of property right heterogeneity,the decline of fiscal subsidies has no significant effect on the performance of state-owned enterprises,but has a significant effect on the performance of non-state-owned enterprises.At the same time,the impact of fiscal subsidies’ decline on enterprises with different investment,financing and R＆D capabilities is different.For enterprises with strong investment ability,financing ability and research＆development ability,the policy has a higher improvement range on their performance.In this paper,the national strategic industries are analyzed and empirical research,while improving the classification of strategic emerging industries,testing the effectiveness of policy practice.To some extent,the results can also provide a reference for the development of national strategic industries.