Research On The Impact Of Financial Support On The Innovation Efficiency Of New Energy Vehicle Enterprises

In order to alleviate the global shortage of petrochemical energy,the development and application of new energy is imperative.As an important source of petrochemical energy consumption,it is necessary to carry out energy transformation.At present,new energy vehicles are a strategic emerging industry in China,which has seen rapid development through government subsidies.With the acceleration of the financial process of the global economy,the innovation efficiency of new energy vehicle enterprises after obtaining government subsidies,whether financial support can promote the improvement of the innovation efficiency of government subsidies,and how enterprises should allocate financial assets have become issues that need to be deeply considered.In view of this,this paper selects the annual report data of China’s domestic listed new energy vehicle companies from 2015 to 2020 to empirically test the relationship between government subsidies and the innovation efficiency of new energy vehicle enterprises,and investigates the impact of financial support on the innovation efficiency of new energy vehicle enterprises under government subsidies.Based on the perspective of government subsidies,this paper analyzes the impact of financial support on the innovation efficiency of new energy vehicle enterprises.Firstly,starting from domestic and foreign literature,this paper summarizes some theoretical studies on the effect of government subsidies on enterprise innovation efficiency,analyzes the development and research status of government subsidies and enterprise innovation efficiency from the theoretical level,and then collects relevant index data of new energy automobile enterprises.Secondly,the DEA-Tobit model is constructed to analyze the relationship among financial support,government subsidies and innovation efficiency of new energy vehicle enterprises,and find the main influencing factors.Finally,summarizing the current financial support to the government subsidies under the new energy automobile enterprise innovation efficiency factors,to find new energy automobile enterprise development power and existing problems,in order to actively improve new energy automobile enterprise technology to better serve the development and use of new energy.To promote the rapid development of our new energy automobile industry to achieve "carbon neutral"goal and sustainable development to put forward the feasibility countermeasures.The empirical results show that government subsidies are wasteful and fail to effectively promote R&D innovation of enterprises.Moreover,the innovation efficiency of government subsidies is positively affected by the nature of enterprises,the age of enterprises and the annual salary of management,while the turnover of total assets,business cycle and the size of enterprises have a negative impact on the innovation efficiency.In order to explore this problem,further research found that there is an inverted U-shaped relationship between financial support and government subsidy innovation efficiency.A certain degree of financial support has a positive impact on government subsidy innovation efficiency,but excessive financial support has a negative impact on government subsidy innovation efficiency.This conclusion provides empirical evidence for the Chinese government to improve subsidy policies and regulate the development of new energy vehicle enterprises,and has certain reference value for guiding new energy vehicle enterprises to allocate financial support reasonably.