Research On Financing Risk Evaluation And Coping Strategy Of New Energy Vehicle Enterprises

With the shortage of traditional energy resources such as coal,oil and natural gas and increasing environmental problems,the new energy industry has emerged.As an important segment in this field,the development of new energy vehicles has attracted great attention over the world.China has put the development of NEVs in a strategic position in the "Plan for the Adjustment and Revitalization of the Automobile Industry" issued by the State Council in March 2009,and released a series of subsidy policies to boost the development of the NEV industry.However,the frequent fraudulent subsidies in 2015-2016 strongly affected relevant policy design,and the government subsidies were significantly reduced in 2017.Moreover,the scarcity of mineral materials used in the production of NEVs leads to high production costs.The uncertainty caused by the long investment cycle,and technical challenges related to battery life and charging options are still burning questions.R&D activities require continuous capital investments.As a result,developing NEV enterprises require a huge amount of capital and a long maturity period.As they mainly rely on financial funds support,NEV enterprises may face great financing risks once the government curtails the subsidies.Therefore,it is of great theoretical value and practical significance to evaluate the financing risks and response strategies of NEV enterprises based on the withdrawal of government subsidies.This paper selects 128 representative NEV enterprises as research samples,and focuses on 2017-2021 when government subsidies were significantly reduced.This paper figures out the financing risk factors of NEV enterprises under the reduction of government subsidies.Typical indexes are selected to evaluate and investigate the financing risks of NEV enterprises through global principal component analysis and dichotomous logistic regression analysis.Strategies for dealing with financing risks are presented from both macroscopic and microcosmic aspects.The research suggests that:(1)The overall financing risks of NEV enterprises during the period of government subsidy retreat is high,and the strength of government subsidy retreat has a direct impact on the size of financing risks;(2)Debt service factor,scale factor and cash flow factor have the most significant impact on the financing risks of NEV enterprises.Among them,the debt service factor has the strongest influence,followed by the scale factor and the cash flow factor;(3)The regression model that passes significance and goodness-of-fit tests has great reference value for financial institutions to evaluate the financing risks of NEV enterprises,and is helpful for NEV enterprises to develop coping strategies from the perspective of government,financial institutions and enterprises under the government subsidy reduction.