Empirical Analysis Of Financial Subsidies On R&D Investment Of New Energy Vehicle Enterprises

Developing the new energy automobile industry is an effective way to save energy,reduce carbon emissions and protect the ecological environment,and also an important measure to realize the dual-carbon strategy and green development strategy.Nowdays,China’s new energy vehicle enterprises are faced with the challenge and crisis of the gradual decline of subsidies.If they want to occupy a place in the world’s automobile industry,only by increasing the investment in R&D and enhancing the innovative capability can they really break out of the siege.However,the existence of positive externalities makes the new energy vehicle enterprises worry about technology spillover and lack of research and development motivation;The problem of information asymmetry makes new energy vehicle enterprises face financing constraints,and research and development activities lack stable cash flow.Therefore,the growth of R&D and innovation capacity of new energy vehicle enterprises should not only play the decisive role of market forces in the process of resource allocation,but also require the government departments to effectively relieve the financial pressure of new energy vehicle enterprises through financial subsidies,a significant public policy tool,encourage them to expand their research and development,and then promote the high quality of the new energy car industry.In consideration of this,We will study the influence of financial subsidies on R&D investment of new energy vehicle enterprises and the mechanism thereof,with a view to putting forward targeted policy recommendations.First of all,the research overview of domestic and foreign financial subsidies and enterprises’ R&D input is summarized.Secondly,with the help of externality theory,government behavior theory in R&D investment,and dual-carbon strategy and national governance modernization theory,this thesis expounds the reasons why the government grants subsidies to new energy vehicle enterprises from the theoretical level,and analyzes the transfer mechanism of the government financial subsidy which influences the R&D investment of NEF enterprises,which can alleviate the financing constraints of the automobile enterprises.Thirdly,based on the theoretical basis,the research hypothesis is put forward.Taking the panel data of 179 listed new energy vehicle companies from 2012 to 2021 as samples,the fixed effect model of the impact of financial subsidies on their R&D investment is constructed to explore whether the financial subsidies can stimulate them to increase their R&D investment;And make a first-order difference between financial subsidies and R&D investment of automobile enterprises,and carry out Granger causality test;Based on the analysis of mathematical model,the mechanism is also tested.Finally,the heterogeneity test is carried out according to different industrial chain locations,property rights nature,enterprise scale and enterprise life cycle,to test the nonlinear relationship between financial subsidies and new energy vehicle enterprises,and to examine the lag effect of financial subsidies.The empirical results show that: first,from the full sample regression results,financial subsidies have a crucial positive incentive effect on the R&D investment of new energy vehicle enterprises.At the same time,Granger causality test shows that in the lag period,the financial subsidy is the Granger of its R&D investment,and the change of the financial subsidy can explain the change of its R&D investment.Second,from the mechanism test results,the greater the financing constraints faced by new energy vehicle enterprises,the stronger the positive impact of financial subsidies on their R&D investment.Thirdly,according to the results of heterogeneity analysis,the promotion of financial subsidies on R&D investment of midstream "three electric" automobile enterprises is stronger than that of upstream and downstream enterprises;Compared with state-owned enterprises,financial subsidies have a stronger incentive effect on the non-state new energy vehicle enterprises;Compared with large-scale new energy vehicle enterprises,financial subsidies have a stronger role in promoting the R&D investment of small-scale new energy vehicle enterprises;Financial subsidies have different incentive effects on the R&D investment of vehicle enterprises in different life cycles,and the incentive effect on the R&D investment of new energy vehicles in the mature period is stronger than that in the growing period and the declining period.Fourth,from the further analysis of the regression results,the incentive effect of financial subsidies on the R&D investment of new energy vehicle enterprises in the next phase and the next two phases is lagging,but the long-term incentive effect should be insufficient;There is a significant nonlinear relationship between financial subsidies and R&D investment of new energy automobile enterprises.Based on this,the following policy recommendations are put forward: First,ensure that subsidies are appropriate;Second,improve the market mechanism;Third,the subsidy funds are distributed accurately by classification;Fourth,improve the supervision and management mechanism of subsidy funds.