Research On Ownership Structure, Agency Cost And Performance Of New Energy Vehicle Companies

With the continuous growth of population and the rapid development of modern industry,people rely on resources gradually.The scarcity of resources and the utilization of human resources also lead to a series of environmental problems,such as air pollution,global warming and haze.How to maintain the industrialization development and take into account the rational utilization of resources and realize green development has become a challenge for all countries on the road of economic development.New energy vehicles also emerge under this background.Unlike the dependence of traditional vehicles on oil and the problem of automobile exhaust emission,new energy vehicles have the advantages of energy saving and emission reduction and environmental protection.However,new energy vehicles in China also face the problems of short battery life,lack of standardized regulatory standards for battery recovery and excessive dependence on government subsidies.In order to improve the competitiveness of enterprises,we need to pay attention to the internal governance mechanism of the company.As the premise of the corporate governance mechanism,different equity structure will produce different agency costs and corporate governance effects.Therefore,this paper selects 81 A-share listed companies in the new energy vehicle industry chain from 2014 to 2019 as research samples,combines with domestic and foreign scholars' research literature and the development status of new energy vehicle upstream,midstream and downstream,puts forward relevant hypotheses,establishes models,uses SPSS statistical software for empirical analysis,analyzes the impact of ownership structure in the field of new energy vehicle on enterprise performance,and introduces agency cost as reference As a mediating variable,this paper further explores the mediating effect of agency cost on ownership structure and firm performance.Through the empirical analysis of the relevant sample data of the selected industries,the following conclusions are drawn:(1)in the new energy automobile industry,ownership structure has a significant positive impact on enterprise performance;(2)ownership structure has a significant negative impact on agency cost;(3)agency cost plays an intermediary role in the relationship between ownership structure and enterprise performance.At the same time,this paper also selects Jiangxi Ganfeng lithium Co.,Ltd.as a case company to analyze the relationship between its internal ownership structure,agency cost and corporate performance.Through this empirical study,we hope to provide a reliable reference for the current development of new energy vehicle industry.