| With the increasing energy shortage and environmental degradation caused by energy pollution,the development of new energy sources has become the consensus of all countries.Only by mastering energy technology can we grasp the initiative of development.China has always been committed to the research and development of carbon peak and carbon neutral,etc.In order to promote the rapid development of new energy industry,China has officially implemented the government subsidy policy since2009 to support the production and R&D of new energy industry through direct financial allocation and tax rebate.But in the whole development stage of government subsidies,also revealed a series of problems such as overcapacity and enterprises "cheating" with the policy.For this reason,the state made adjustments to the policy and announced in 2014 that government subsidies would be reduced year by year from 2015 to 2020,and also formally announced that the government subsidies had entered the ramp-down phase.However,in 2020,China’s auto industry suffered a severe impact due to the epidemic and other factors,so four ministries and commissions issued a notice in April of the same year,proposing to slow down the intensity and rhythm of the subsidies and extend the implementation period of the subsidy policy to the end of 2022.Based on the above background,the research question of this thesis is: As the midstream core of the new energy industry,what is the impact on the investment behavior of power battery enterprises in the whole process of government subsidy development and withdrawal,how do enterprises follow the policy to make adjustments,and what effects are brought by the adjustment of investment behavior.At the point when government subsidies will be completely withdrawn,we hope to give some insights to the power battery industry through the study.This thesis takes the above-mentioned background and problems as the starting point of the study,and the research ideas are as follows: using a case study approach,firstly,we introduce the basic overview of the power battery industry and the case company EVE Energy,as well as the reasons,scale and mode of government subsidies received by EVE Energy;secondly,we analyze the influence process of government subsidies on EVE Energy’s investment behavior from two aspects: investment scale and investment direction,respectively,from the changes of fixed assets Finally,we analyze the effect of government subsidies on Lithium Elite’s investment behavior in terms of investment efficiency and investment performance.This thesis finds that: government subsidies can inject cash flow into the enterprise to relieve the financial pressure,promote the increase of fixed asset investment and operating income,and is an effective means to enhance the innovation ability of the enterprise,which helps to bring scale benefits to the enterprise,and the growth ability of the enterprise also has a positive relationship with the government subsidy policy,but due to the existence of crowding out effect and rent-seeking phenomenon,it is difficult for the enterprise to avoid the existence of the problem of investment in the expansion of However,due to the existence of crowding-out effect and rent-seeking phenomenon,it is difficult to avoid over-investment while pursuing development,and the scale of production is only a shallow competition.Finally,based on the above conclusions,suggestions are given from both government and enterprise levels,hoping to further improve the government support policies for China’s new energy industry,and enterprises actively adjust their strategies to grasp the opportunities for long-term development to provide some experience to learn from. |
