The Impact Of Industrial Subsidy Policy On Enterprise Performance

As a kind of clean energy vehicle,new energy vehicles have become a key industry in the world,the subsidy policy for them has always been a hot spot,and it is worthy of our in-depth study.Taking the universality and controversy of industrial policies as the starting point,this paper attempts to take the new energy vehicle subsidy policy as an example to explore the impact of the policy on corporate performance.The new energy vehicle subsidy policy has the characteristics of declining subsidy intensity and is a typical retreat policy.This paper uses the DID model,which is commonly used in policy evaluation,takes automobile manufacturing enterprises as the research object and uses the PSM matching method to screen the control group.This paper sets the policy intensity in the form of declining year by year,uses return on assets and return on net assets as indicators to measure corporate performance,and finally draws the basic conclusion that the subsidy policy has a significant positive impact on corporate performance.What’s more,corporate governance such as the number of board meetings,executive shareholding ratio and senior management team qualifications all play a positive role in regulating it.In addition,compared with non-state-owned enterprises,subsidy policies may have a stronger effect on improving the performance of state-owned enterprises.This paper focuses on the decline of policy intensity and finds that the policy has a significant effect on corporate performance in the initial stage of implementation,but after the decline of policy intensity,this promotion effect has declined.From the perspective of corporate innovation and R&D investment,this paper finds that companies only increase their own innovation behaviors in the early stage of policy implementation,but the overall focus is on strategic innovation,and the number of effective substantial innovation has not increased significantly,this shows that the company pays more attention to the form of innovation than the quality of innovation.At the same time,the company’s R&D investment has not increased significantly,because of this,corporate innovation has declined with the fall of subsidy intensity.It can be seen that companies have not made full use of subsidies for R&D and innovation,and lack core technology and competitiveness.Therefore,after the subsidy policy has declined,they have lost their market advantages and their performance has also declined.According to the relevant conclusions above,in the context of the downward wave of subsidy policies,regarding how to make enterprises maintain stable and high-quality development,this article finally puts forward some possible policy recommendations.