Impact Of Financial Subsidies On Debt Financing Cost Of New Energy Vehicle Enterprises

In recent years,new energy vehicles have risen strongly and their share in the market has been rising.In the field of human future travel,new energy vehicles have become the general trend.After the concept of "carbon neutrality" was put forward,energy conservation,emission reduction and low-carbon travel have attracted more attention from the government.As a green travel tool,new energy vehicles are more in line with the needs of sustainable development than traditional fuel vehicles.Therefore,the country has successively issued a series of policies to support the development of new energy industry.However,due to the excessive policy subsidies in the early stage,the imperfect development of the industry,and the hot spot of new energy in recent years,capital has poured into the industry,resulting in a mixed bag of fish and fish in the industry,and the phenomenon of "defrauding subsidies" of new energy vehicle enterprises has gradually prevailed.In order to improve the efficiency of the subsidy policy,the government has gradually reduced the subsidy intensity,which has brought new challenges to the development of the new energy vehicle industry,and the operation of relevant enterprises has been impacted to a certain extent.Under the policy background of subsidizing the decline,how the financing costs of new energy vehicle enterprises will be affected in the operation and development remains to be discussed.Based on the above research background,this paper uses the relevant data of new energy vehicle enterprises to study the effect of financial subsidies on the debt financing costs of new energy vehicle enterprises in this context.In order to better observe the relationship between the two,this article selected BYD and NIO as case studies for analysis,and found that the two generally exhibit a negative correlation.Based on the relevant theories of information asymmetry and signal transmission,the research hypothesis of this paper is put forward and the collected data is empirically analyzed.The empirical results show that the financial subsidy is negatively related to the debt financing cost of new energy vehicle enterprises.After the decline of subsidy policy,the reduction of financial subsidy intensity has significantly increased the debt financing cost of new energy vehicle enterprises.The regional financial development level has a strengthened regulatory effect on the relationship between financial subsidies and the debt financing cost of new energy automobile enterprises.In the regions with low financial development level,after the subsidy has declined,the impact on the debt financing cost of enterprises has weakened due to the low sensitivity of information transmission and the strong degree of information asymmetry between the market and enterprises.Further analysis of enterprises with different property rights shows that the debt financing cost of non-state-owned enterprises has increased significantly after the subsidy has declined.Based on the above research conclusions,this paper puts forward some reference opinions for the development of new energy vehicle enterprises under the background of recession policy.After the recession,new energy vehicle enterprises are facing the problem of increasing debt financing costs.Therefore,they should strengthen capital management,broaden financing channels and reasonably control financing costs.Invest in R&D and innovation,establish innovation alliances,and improve core competitiveness.Reduce dependence on subsidies and use subsidies efficiently.Based on the differences of regional development,the development strategy should be reasonably formulated according to local conditions.