Fiscal Subsidy Policy Adjustment,Corporate Behavior Selection And Performance

Since the promotion in 2009,the new energy automobile industry has received a large amount of subsidies from the state and local governments.These subsidies have promoted the development of the industry.However,some companies were driven by profits and violated relevant laws and regulations to defraud and seek financial subsidies.In 2016,our country carried out a special inspection of new energy vehicle industry,and a large-scale incident of "cheating compensation" was discovered.Then in 2017,our country began to make major adjustments to its subsidy policy,including severe punishing on false reports,underreporting behaviors,and raising the technical threshold of subsidies.So,is the adjustment of these subsidy policies effective?Based on this,this article selects listed companies in the new energy automobile industry from 2009 to 2019 as the research object,and empirically examines the impact of rentseeking and earnings manipulation behaviors adopted by companies on fiscal subsidies obtained after changes in subsidy policies,and the effects of fiscal subsidies obtained on corporate performance.The research found:(1)Prior to the adjustment of subsidy policy,the rent-seeking and earnings manipulation behaviors adopted by listed companies in the new energy automobile industry helped them obtain more financial subsidies,but the adjustment of subsidy policy significantly affected the relationship between rent-seeking and financial subsidies.The cost of obtaining financial subsidies through rent-seeking has significantly increased;for earnings manipulation behavior,the adjustment of subsidy policies has significantly affected the relationship between the positive earnings manipulation behavior of enterprises and the acquisition of financial subsidies,and has significantly increased the cost of obtaining financial subsidies through positive earnings manipulation.(2)Before the adjustment of the subsidy policy,the financial subsidy had a negative impact on the operating performance of the enterprise,but the adjustment of the subsidy policy significantly improved the impact of the financial subsidy on the operating performance of the enterprise.(3)Compared with before the adjustment of the subsidy policy,the fiscal subsidy after the adjustment of the subsidy policy is more helpful to increase the R&D of the new energy automobile industry.After conducting heterogeneous regression analysis,it is found that this promotion effect is mainly reflected in the four types of enterprises:private enterprises,enterprises with high information transparency,and enterprises in the growth and decline periods.(4)Although the adjustment of the subsidy policy helps to suppress the positive impact of rent-seeking on obtaining fiscal subsidies and increase the rent-seeking cost of enterprises,driven by the maximization of benefits,the enterprises have increased their rent-seeking investment after the adjustment of the subsidy policy.(5)As the adjustment of subsidy policy strengthens the verification procedures for companies’ capital declaration and increases the cost of corporate earnings manipulation,the adjustment of subsidy policy reduces the motivation of companies to conduct earnings manipulation.In summary,the adjustment of fiscal subsidy policies in the new energy automobile industry since 2017 has had a certain effect on improving the relationship between corporate behavior and obtaining fiscal subsidies,and increasing the effect of fiscal subsidies on corporate performance.The research conclusions of this article will help the government to formulate better subsidy policies and guide the follow-up development of the new energy automobile industry in the future.