Research On The Influence Of Subsidy Policy Changes On The Investment Behavior Of Listed Companies In The New Energy Automobile Industry

In recent years,driven by policies,technology research and development and market demand,the new energy vehicle industry has boomed.However,policies in the new energy vehicle industry have also brought many problems,such as "compensation fraud" and lack of core technologies.Therefore,in2016,the government began to adjust subsidies for the new energy automobile industry.The changes in government subsidies have brought many external impacts to the new energy automobile industry.At present,the new energy automobile industry is in the last years of the declining subsidy policy,and the selection and implementation of enterprise investment behavior will have an important impact on the development of enterprises and society.This paper focuses on whether and how the change of subsidy policy affects enterprise investment behavior in the new energy automobile industry.Firstly,this paper reviews the research on government subsidies and enterprise investment and finds that there is a lack of research on the relationship between policy dynamic changes and enterprise investment behavior.Secondly,on the basis of real option theory,signal theory and capital accumulation theory,this paper analyzes the effect of subsidy policy changes on enterprise investment behavior,and finds that financial flexibility may have a moderating effect on the relationship between them.Finally,based on the above analysis,A hypothesis is proposed,sample data of China’s A-share listed companies from 2011 to 2021 are selected,and the influence of government subsidy changes on enterprise investment behavior is tested through propensity score matching method(PSM)and DID model,as well as the moderating effect of financial flexibility on the relationship between them.On the basis of PSM-DID,this paper further studies whether there are differences in the influence of government subsidies on the investment behavior of enterprises with different property rights,different ownership concentration degrees and different industrial chain positions.The results show that the change of subsidy policy in the new energy automobile industry significantly improves the investment scale of enterprises in the industry,and the financial flexibility positively adjusts the promotion effect of the change of subsidy policy on the investment behavior of listed enterprises in the new energy automobile industry.Further research shows that subsidy changes have a more significant promoting effect on the investment scale of new energy automobile enterprises that are non-state-owned,have a higher concentration of equity and are in the u p p e r a n d m i d d l e r e a c h e s o f t h e i n d u s t r i a l c h a i n.Based on theoretical analysis and empirical conclusions,the following suggestions are put forward for the policy and enterprise development of the new energy automobile industry: First,the government should balance the relationship with the market while firmly declining subsidies;Second,enterprises should make efforts to R&D and innovation,and actively expand their own financing channels;Third,enterprises should actively reserve financial flexibility,and strengthen the supervision of principal-agent issues.