Research On The Impact Of Government Subsidies Recession On The Performance Of New Energy Vehicle Enterprises In China

In the context of energy conservation and emission reduction and green low-carbon development,new energy vehicles are the future development direction of China's automobile industry.Since 2008,in order to support the strategic emerging industry of new energy vehicles,the national and local governments have issued a series of subsidy policies.In recent years,the problem of "cheating compensation" rent-seeking of automobile enterprises is prominent,and the subsidy has accelerated to decline,which has brought challenges to the development of new energy automobile enterprises.How to achieve their own development and social goals is a hot topic for the state and enterprises.Based on the time point of subsidy decline in 2016,this paper studies the impact of subsidy decline on the performance of new energy vehicle listed companies from two aspects of economic performance and social performance.Firstly,based on the relevant theoretical basis of government subsidy effect,this paper makes a realistic analysis on the performance impact of new energy vehicle enterprises;This paper selects the panel data of new energy vehicle listed enterprises from 2013 to 2019 to build a model,and selects the tax contribution and employment creation of enterprises as explanatory variables to measure the social performance of subsidies on new energy vehicle enterprises;Its economic performance is measured by return on total assets and net profit rate of sales.Taking the intensity of government subsidies as explanatory variables,the control variables are asset liability ratio,financial leverage,the largest shareholder's shareholding ratio,enterprise scale and enterprise years,and whether the enterprise is state-owned or not as dummy variables.Taking the reduction of subsidy standard in 2016 as the cut-off point,this paper conducts regression analysis in two stages from 2013 to 2016 and from 2017 to 2019 before and after the retrogression,and studies the impact of subsidies and retrogression of subsidies on the performance of new energy vehicle enterprises.The conclusions are as follows: on the whole,there is a significant positive correlation between government subsidies and the economic performance of new energy vehicle enterprises.From the perspective of social performance,government subsidies can effectively enhance the tax contribution of new energy vehicle enterprises,but can not increase employment.Among them,the effect of government subsidies on the economic performance of private enterprises of new energy vehicles is stronger than that of state-owned enterprises;In the former stage,subsidies can significantly improve the economic performance of new energy vehicle enterprises,while in the latter stage,government subsidies can not significantly promote the business income of enterprises.This shows that the effect of government subsidies on enterprise economic performance is weakened.At the same time,the decline of subsidies can promote the employment rate of new energy vehicle industry.With the decrease or withdrawal of government subsidies,the tax contribution of enterprises to society decreases.That is to say,the impact of new energy vehicle subsidies on enterprise performance is good and bad.Finally,in order to deal with the challenges brought by the decline of subsidies for new energy vehicles,suggestions are put forward for enterprises and the government.Enterprises should take technological progress as the core competitiveness,adjust production plans according to industrial policy changes,and strengthen the construction of charging infrastructure system;The government shall supplement and establish the laws and regulations system in the field of new energy vehicles;We should deepen the mechanism of subsidization and refine the subsidy standards for key technologies;We should encourage the innovation of business models such as "electricity replacement" by "reward instead of compensation".