| As people aspire to a better life,while socialist production and construction are flourishing,people are increasingly concerned about the protection of resources and the environment.The birth of new energy technology has laid a good foundation for the development of the new energy vehicle industry,and the state has formulated a series of policies to encourage the development of the industry,with financial subsidies being one of the key incentives.However,as more and more new energy vehicle enterprises grow from scratch,from small to large,and the scale of production increases,the role of fiscal policy is changing,and the financial subsidies for new energy vehicle enterprises are also changing,mainly in the form of reduced subsidy amounts,higher technical thresholds for subsidies,and longer subsidy payback periods.The impact of the change in subsidy policy on the profitability of different enterprises varies:some enterprises,through continuous efforts to improve their product development capabilities and competitiveness,do not see their profitability decline with the reduction of subsidies,while some enterprises do not work on how to improve their product profitability,and only use financial subsidies to whitewash their profits to reflect superficial profitability,and therefore still face severe pressure on their profitability during the subsidy withdrawal period.The sustainable development of new energy vehicle enterprises has also become a pressing issue,and it is important to study how the subsidies have affected the profitability of enterprises and how to deal with this change.Based on the above background,this thesis conducts a case study by taking BAIC Blue Park as an example through data collection,literature search and collation analysis.Based on government intervention theory,market competition theory,core competitiveness theory and capital structure theory,relevant financial data of BAIC Blue Park and its peers during the subsidy withdrawal period are selected,and the profitability data of two phases before and after the significant subsidy withdrawal,2016—2018 and 2019—2021,are analyzed longitudinally and compared horizontally with those of the same industry using the Du Pont analysis method to study the profitability of the enterprise The study examines the changes in corporate profitability during the subsidy withdrawal period,how the subsidy withdrawal affects the changes in corporate profitability,analyses and compares the problems and causes of the changes,and puts forward corresponding suggestions for optimization.Through the findings of this thesis,it is concluded that the profitability of BAIC Blue Park is on a downward trend during the subsidy recession period,which is reflected in the following aspects as an important influencing factor.(1)The recession of subsidies for the promotion and application of new energy vehicles has weakened the price advantage of new energy vehicles over fuel vehicles,which to a certain extent affects product sales and leads to a decrease in revenue;(2)The extension of the subsidy payback period affects the efficiency of the enterprises’ subsidy payback receivables,which in turn leads to a tight cash flow from operating activities;(3)Due to the tight cash flow from operating activities,enterprises will engage in borrowing activities,and excessive borrowing makes the asset and liability ratio increase and the problem of unreasonable capital structure ratio appears.Ultimately,the above-mentioned problems caused the relevant profitability indicators of the case companies to trend downwards during the subsidy recession period.The causes of these problems are: a high dependence on financial subsidies for profitability;intense competition in the marketplace,which reduces profitability;and the loss of product price advantages and narrowing of sales space.Therefore,BAIC Blue Park needs to take practical measures to optimize its profitability: firstly,it can make full use of the new industry policies such as "double points" and "non-subsidised",and increase its independent research and technological capabilities;secondly,it can start from the consumer side and Finally,in order to change the competitive advantage of their products,enterprises should increase the deployment of charging and switching devices,and use this as a basis to accelerate the promotion of the vehicle-electricity separation sales model.It is hoped that the research in this thesis will provide some reference for the case company and other car companies in similar situations. |
