Research On The Efficiency Measurement And Influencing Factors Of Financial Support For Listed Companies In The New Energy Vehicle Industry

The report of the 20 th National Congress of the Communist Party of China pointed out that China is now at a critical stage of starting the comprehensive construction of a modern socialist country,and high-quality development is the primary task.We must fully,accurately,and comprehensively implement the new development concept.Faced with issues such as the large but weak state-owned automobile industry,severe automobile exhaust pollution,and oil safety crisis,the Chinese government is vigorously developing the new energy vehicle industry in combination with economic and social reality,which is expected to reduce exhaust emissions and oil dependence,and achieve "overtaking on curves",establish a competitive advantage in international trade,and become a new economic growth point.Finance,as the core of modern economy,is an important driving mechanism for guiding the allocation of economic resources.If China wants to accelerate the green transformation of the development mode of the automotive industry,building a good financial support system will become a key factor determining the development of new energy vehicles.Based on this background,this thesis delves into the efficiency and influencing factors of financial support in the development process of listed companies in the new energy vehicle industry from both theoretical and empirical perspectives,actively exploring specific strategies and implementation paths to fully leverage the initiative of financial support.In the section of theoretical analysis,after summarizing the relevant literature on the new energy vehicle industry and financial support,this thesis describes the concepts of the new energy vehicle industry and financial support,and combines the concept of efficiency to treat finance as a resource and define the connotation of financial support efficiency in this thesis;By summarizing and analyzing the trend,policy guidance,financial support status,and reasons for difficulties in the development of the new energy vehicle industry,based on the relevant theories of financial support and the development of the new energy vehicle industry,combined with the conventional mechanisms of financial support for the development of the industry,this thesis analyzes and deduces the mechanism of the role of financial support,mainly equity financing and debt financing,in the development of the new energy vehicle industry from three aspects: fund supply,risk control,and incentive constraints.In the section of empirical study,this thesis takes 186 listed companies in the new energy vehicle industry in China as the research object,uses the DEA Malmquist model to measure and characterize the financial support efficiency and its dynamic changes of listed companies in the new energy vehicle industry from 2013 to 2020,and compares and analyzes the industry chain differences in financial support efficiency of listed companies in the new energy vehicle industry.On this basis,a comprehensive consideration is given to the influencing factors of financial support efficiency for listed companies in the new energy vehicle industry,and an indicator system for the influencing factors of financial support efficiency is constructed.A random effects panel Tobit model is used to empirically analyze the direction and magnitude of the effects of each influencing factor on financial support efficiency.The empirical research results show that:(1)The comprehensive technical efficiency level of financial support for listed companies in China’s new energy vehicle industry from 2013 to 2020 is relatively low,and the pure technical efficiency level is lower than the scale efficiency level.The overall trend of pure technical efficiency is similar to the comprehensive technical efficiency.The financial support efficiency of listed companies in the new energy vehicle industry has heterogeneity in the industry chain;(2)The Malmquist index of financial support efficiency shows an overall upward trend within the sample interval.After index decomposition,it is found that the comprehensive technical efficiency,scale efficiency,and technological progress index have all achieved growth,while pure technical efficiency has decreased.The Malmquist index trends of the other four types of enterprises in the industry chain are similar,except for vehicle manufacturing enterprises;(3)Tobit regression results show that cost profit ratio,current ratio and equity concentration ratio all have a significantly positive impact on the efficiency of financial support,while R&D investment and enterprise size have a significantly negative impact on the efficiency of financial support.Finally,based on the results of empirical research,this thesis proposes suggestions on how to improve the financial support efficiency of listed companies in the new energy vehicle industry from three aspects: Firstly,to improve the financial market system and expand investment and financing channels;Secondly,policy support should focus on guiding incentives,supplemented by financial subsidies;Thirdly,enterprises should optimize capital management and attach importance to talent team construction.This thesis contains 6 figures,14 tables,and 117 references.