Research On The Relationship Between R&D Subsidies And Enterprise Value Based On The Perspective Of Growth

As a pillar industry,automobile plays an important role in national economy.Statistics released by the China association of automobile manufacturers show that in 2019,China produced and sold 25.721 million and 25.769 million vehicles respectively,ranking first in the world for 11 consecutive years.China is the largest country in automobile production and marketing,but it is not among the high-tech automobile countries.In order to achieve a breakthrough in the field of automobile,new energy vehicles,as the development trend of the industry in the future,have risen to the height of national strategy.At present,they are one of the nine strategic emerging industries,which have been greatly supported by national policies.By the end of 2019,subsidies had exceeded 130 billion yuan,according to data released by the Ministry of Industry and Information Technology.However,after more than a decade of support,China's new energy vehicle technology ranking is still lagging behind.The scale of subsidy reduction of over 70% in 2019 and the outbreak of Corona Virus Disease 2019(COVID-19)in China have made the new energy vehicle market even worse,and the production and sales volume have dropped sharply.Therefore,policy makers have to reconsider whether the subsidy should be delayed from the perspective of the longterm development of enterprises.Can government subsidies for R&D projects of new energy vehicles achieve incentive effect? In this paper,growth is introduced as an intermediary variable to discuss the impact of R&D subsidies on the value of new energy vehicle enterprises.Firstly,the paper collects the data of the field of new energy vehicles,as well as the literature about the relationship between R&D subsidies,growth and enterprise value.After studying,it is found that there are different opinions on the effects of R&D subsidies,especially the debate on subsidies in the field of new energy vehicles has never stopped.Then,this paper starts with the theory,defines the main concepts of government subsidies,growth,enterprise value,new energy vehicles and so on before the empirical analysis,and analyzes the internal mechanism of R&D subsidies affecting enterprise value based on the theory of technological innovation,externality,information asymmetry and information transmission,and the theory of enterprise growth.On the basis of the above theory,three hypotheses are put forward,which lay a solid theoretical foundation for the later empirical analysis.In order to verify the above hypothesis,this paper selects the new energy vehicle listed companies in 2013-2018 as a sample to study: Firstly,this paper uses the catastrophe progression method to measure the growth,and then through the panel data regression analysis of Stata,to test the relationship between R&D subsidies and enterprise value,R&D subsidies and growth,and to test whether the growth has intermediary effect.Finally,according to the difference of the property right nature of new energy automobile enterprises,this paper makes a group study.To further support the hypothesis,this paper selects Yutong Bus,a leading new energy bus company,as an example to analyze the impact of R&D subsidies on specific new energy bus companies from the perspective of business composition,availability of financial data,effectiveness of research and market position.Through empirical and case studies,it is found that: In general,R&D subsidies have a positive role in promoting the value of new energy vehicle enterprises.Among them,the distribution of R&D subsidies can promote the growth of new energy vehicle enterprises,and the growth plays a full intermediary effect between R&D subsidies and enterprise value.After further subdividing the nature of the industry,it is found that R&D subsidy has a greater effect on the value of non-state-owned enterprises than on state-owned enterprises.Based on the above conclusions,this paper provides suggestions for the government,enterprises and assets appraisal institutions.For government departments: On the whole,it is necessary to increase R&D subsidies for the new energy automobile industry.In the implementation,it is necessary to optimize the qualification evaluation and post evaluation mechanism to achieve accurate subsidies.In the selection of subsidy objects,it is inclined to non-state-owned and high growth enterprises.For enterprises: In terms of capital use,we should improve the efficiency of subsidy utilization and actively promote R&D innovation activities.In terms of information release,we should regulate the disclosure of R&D information and reduce the occurrence of information asymmetry.For asset appraisal institutions,the positive externalities of the industry should be considered in the process of appraisal,and the appraisal methods should be constantly revised.At the same time,the risk prevention model should be established to reduce the risk of appraisal.