The Impact Of Financing Structure On Business Performance Of New Energy Vehicle Enterprises Under The Background Of Subsidy Decline

As one of China’s emerging strategic industries,the new energy vehicle(NEV)industry has been widely supported by the national industrial policies since the" 12th Five Year Plan",and now plays a critical role in the global NEV market.Because the NEV industry has the characteristics of long production input cycle,difficult technical innovation,high financing constraints and uncertain output,so many problems have been exposed in the developmented process.There are huge differences in NEV enterprises in different regions,which are reflected in the weak core competitiveness and unreasonable financing structure.Some people once cheated the national subsidy policy under the pretext of "NEV",that is,the phenomenon of "deception compensation".If all kinds of problems are not solved in time will seriously hit the future development of NEV enterprises.This paper takes 117 listed companies in the NEV industry chain in the A-share main board market as samples,and uses theoretical and empirical methods to study the impact of financing structure on business performance under the background of declining government subsidies.The research mainly includes three parts:first,descriptive statistical analysis of the financing structure and business performance from the perspective of the upstream,middle and downstream of the NEV industrial chain;Second,the factor analysis method is used to construct the comprehensive evaluation factor of business performance from 15 financial indexes in five dimensions of enterprise debt repayment,profit,operation,development and innovation ability;Third,mixed multiple regression models are built from three aspects which are internal financing,debt financing and equity financing to study the relationship between financing structure and business performance.Furthermore,the adjustment effect analysis of the downhill policy has been added to further analyze the change of financing structure on performance after the implementation of slope reduction policy.The research shows that:1.The internal financing rate is positively related to the business performance,and the subsidy decline enhances the positive relationship between them;2.Debt financing:the asset liability ratio is negatively related to business performance,and the decline of subsidies amplifies the negative correlation between them;There is no correlation between commercial credit financing rate and business performance,the decline of subsidies does not play a regulatory role between them;3.Equity financing:equity financing rate is negatively correlated with business performance,and the subsidy regressive interaction term weakens the negative correlation between them;The degree of equity concentration and equity balance have no significant effect on business performance,and subsidy decline has no moderating effect.Based on the above research results.this paper thinks that the government should:1.Comprehensively strengthen the construction of financing system for the NEV industry;2.Reasonably design the "package" policy tool kit and dynamically evaluate the implementation effect;3.Avoid "Red Sea" competition and make subsidies precise and differentiated;4.Match regional advantages and strengthen external supervision;5.Highlight the competitive advantage in use link;6.Build a comprehensive market service system.Enterprises should:1.Adjust strategic positioning,speed up the upgrading of technology industry;2.Improve financing efficiency and optimize financing structure;3.Clarify the market positioning and build an international brand;4.Explore appropriate marketing and service models to improve the operation level in an all-round way.