Research On The Impact Of Government Subsidies On The Technological Innovation In The New Energy Vehicle Industry

The new energy automobile industry is an emerging industry supported by the state,and the improvement of its independent research and development and innovation performance is the key to its core competitive advantage.This paper selects 55 listed companies in China’s new energy automobile industry from 2013 to 2020 as research samples,and empirically analyzes the impact of government subsidies on the technological innovation efficiency and mechanism of new energy automobile industry.At the same time,this paper further examines the heterogeneity of the impact of government subsidies on the technological innovation efficiency of enterprises in different ownership properties,different growth,and different regions.Specifically:Firstly,on the basis of combing domestic and foreign literature,this paper builds a theoretical framework for the impact of government subsidies on the innovation performance of new energy vehicles based on externality theory,endogenous growth theory,market failure theory,institutional change theory and financing constraint theory.Secondly,this paper uses the DEA-Malmquist index to measure the technological innovation performance of enterprises in the new energy automobile industry.The results show that from 2013 to2020,the technological innovation efficiency of new energy enterprises shows obvious fluctuations,and there is heterogeneity of ownership attributes and ecological niche characteristics.From the perspective of ownership attributes,the technological innovation efficiency of state-owned enterprises is higher than that of non-state-owned enterprises;From the perspective of ecological niche,companies in the midstream have high technical comprehensive efficiency,while companies in the high growth stage have high technical comprehensive efficiency.Thirdly,using empirical methods such as least squares estimation and Tobit model,this paper finds that:(1)government subsidies significantly improve the technical efficiency of new energy vehicle enterprises,which is consistent with the estimation results using substitution variables.(2)This paper adopts the mediation effect model and finds that financing constraints and enterprise risks are the mechanisms by which government subsidies significantly improve the technical efficiency of new energy vehicle enterprises.Government subsidies can alleviate the financing constraints of enterprises,and government subsidies can promote the solution of the unstable endogenous capital structure of companies when using their endogenous capital to carry out innovation activities,which is prone to the company’s capital chain problems and alleviates the adjustment costs of innovative behavior.Government subsidies eliminate information asymmetry through signal transmission mechanisms,ease the external financing constraints of new energy vehicles,and indirectly improve the intensity of R&D investment of enterprises.On the one hand,government subsidies,as a transfer payment,can directly increase the non-operating income of enterprises and enhance the volatility of corporate profits;On the other hand,government subsidies increase enterprises’ cash holdings and cash liquidity,and positively affect the volatility of corporate earnings by affecting their investment behavior.(3)The impact of government subsidies on the technical efficiency of new energy vehicle enterprises is significantly heterogeneous.From the enterprise level,the impact of government subsidies on technological innovation of non-state-owned enterprises and low-growth enterprises is more significant.From a regional perspective,the effect of government subsidies on the improvement of technical efficiency of new energy vehicle enterprises is more obvious in the eastern region.Finally,this paper puts forward relevant policy suggestions for the further development of new energy vehicles in the post-subsidy era from the two paths of government subsidies to the enterprise property rights,ecological niche,growth,region,financing constraints and enterprise risks of the new energy automobile industry.