A Study On The Impact Of Government Subsidies On Performance Of New Energy Vehicle Enterprises

With the rapid consumption of global resources,the economic growth of all countries is facing resource constraints and ecological bottlenecks.The development of green technology represented by new energy has become an important direction to promote economic growth and enterprise transformation and development.As a strategic emerging industry in China,the new energy automobile industry has the function of stimulating economic growth and achieving the goal of energy conservation and emission reduction.However,due to the late start of China’s new energy automobile industry,high cost and imperfect infrastructure,enterprises still need government support.Therefore,it is of great practical significance to explore how government subsidies affect the enterprise performance of new energy vehicles at this stage.This paper sorts out the government subsidy policies since 2009 and discusses the influence of government subsidy policies on the new energy automobile industry.Taking BYD as the research object,this paper makes a comparative analysis of financial indicators and non-financial indicators of BYD before and after subsidies,establishes an evaluation system of BYD’s enterprise performance by DEA analysis,and verifies whether the investment of government subsidies can increase the performance output of BYD’s new energy automobile enterprises by using BCC model with variable returns to scale,and explores the shortcomings of BYD’s new energy automobile in using government subsidies,and analyzes the reasons.Finally,it puts forward optimization suggestions for BYD’s new energy vehicles,investors and the government.The findings are as follows:(1)The government subsidy of China’s new energy automobile industry has roughly gone through three stages: exploration period,outbreak period and subsidy gradient withdrawal period.(2)Government subsidies have a positive impact on BYD’s performance,and this impact will be more obvious in the early stage of car companies’ development.(3)From the financial indicators,government subsidies can quickly increase BYD’s net profit and improve BYD’s cash flow;However,in the long run,over-reliance on financial subsidies is not conducive to enhancing the profitability of enterprises.Therefore,in terms of enterprises,enterprises should clarify their own management level,improve their independent research and innovation ability,build their core competitiveness,strengthen scientific research capital investment and security technology guarantee.In terms of investors,it is necessary to obtain more information about strategic R&D and innovation of enterprises,and make reasonable and correct investment behaviors based on the financial situation,operating conditions and long-term planning of enterprises.On the government side,it is necessary to improve infrastructure construction,increase policy coordination and guidance,promote relevant local legislation,and promote the sustainable development of the industry,so as to provide more perfect institutional guidance and support for the development of new energy automobile enterprises in China.