Research On Financing Efficiency Of New Energy Vehicle Enterprises Under The Policy Of Declining Subsidies

The new energy vehicle industry is a pillar industry of the national economy,with high capital investment,slow returns,and huge financing needs.Only enterprises that obtain funds at low costs and use them efficiently are more likely to achieve high-quality development.Therefore,improving financing efficiency is crucial.The government has subsidized new energy vehicles to promote industrial development,but sustained financial support has also caused many problems such as "fraudulent subsidies" and "subsidy dependence".In order to force car companies to increase technological investment and enhance the core competitiveness of the industrial chain,the government has decided to implement a subsidy recession policy.Although the original intention of the subsidy retreat policy is to promote the development of the new energy vehicle industry towards a more mature and healthy direction,the reduction of subsidies has also led to a decline in sales and a significant decrease in operating income for many enterprises,which has a significant impact on corporate financing and many enterprises are facing certain financing difficulties.In this context,how is the financing efficiency of new energy vehicle enterprises? How about the financing efficiency and relevance of the upstream and downstream enterprises in the industrial chain? Whether and how does the subsidy reduction policy affect it? These problems need to be studied urgently in order to provide reference basis for subsequent policy decisions.This paper not only examines the comprehensive financing efficiency,but also divides the financing into two stages of fund raising and allocation for efficiency measurement and analysis.First,it theoretically analyzes the impact of the subsidy recession policy on the fund raising and fund allocation of new energy vehicle enterprises,and then selects 53 new energy vehicle A-share listed companies,and uses the two-stage chain DEA model to measure and analyze the financing efficiency of new energy vehicle enterprises in 2013-2021,With 2013 as the base period,focus on the change of financing efficiency after the subsidy recession,and then use Tobit regression model to analyze the factors affecting the financing efficiency of new energy automobile enterprises.Finally,combine the industry with enterprises,and use comparative analysis method to carry out specific analysis with JAC Automobile as the research case.The research shows that the comprehensive financing efficiency of new energy automobile enterprises is generally high,but there is significant room for improvement in the efficiency of fund allocation,the two stages of fund raising and allocation are closely related,and the upstream and downstream enterprises in the industrial chain are highly related.The subsidy reduction policy has a certain negative impact on the comprehensive financing efficiency of the new energy vehicle industry in the short term,but it has an improvement effect in the long term.Battery material enterprises and charge-change enterprises are less affected by the policy,while battery motor enterprises and vehicle manufacturing enterprises are more affected by the policy,of which passenger vehicle manufacturing enterprises are the most affected by the policy.The policy has a negative impact on the financing efficiency of battery motor enterprises,while it has played a comprehensive role in improving the financing efficiency of vehicle manufacturing enterprises.However,the policy has led to the reduction of the capital allocation efficiency of most automobile enterprises.The purpose of "shuffling" of the subsidy rebate policy is realized in both the stage of fund raising and allocation;Through the empirical analysis of the factors affecting the financing efficiency of new energy automobile enterprises,it is found that R&D investment,sustainable growth rate,fixed asset turnover rate and economic development level play a significant positive role in financing efficiency,while asset-liability ratio and enterprise size play a significant negative role in financing efficiency;The financing efficiency of JAC Auto is under pressure in the short term due to the subsidy reduction policy,but it will rise quickly.In the long term,the policy has a boosting effect,but at present,the financing efficiency of JAC Auto is still lower than the industry average level,and there is much room for improvement;Finally,suggestions are put forward for the government,the new energy automobile industry and JAC to improve the efficiency of enterprise financing.