Research On The Impact Of Government Subsidies On The Credit Risk Of New Energy Vehicle Enterprises

The new energy vehicle industry is supported by industrial policies because of its important role in national industrial development.Due to the high growth of the industry,new energy vehicle enterprises generally have high capital demand.However,due to the limitations of technology,market and charging facilities,it is difficult for new energy vehicle enterprises to obtain stable cash flow in the market,resulting in poor financial situation.Enterprises are facing the problems of declining solvency and rising credit risk.However,the subsidies given by the government can reduce the fluctuation of enterprise income and alleviate the financing constraints of enterprises,so as to effectively reduce the credit risk of new energy vehicle enterprises.Therefore,it is of great significance for enterprises,investors and the government to study the credit risk of new energy vehicle enterprises and the impact of government subsidies.In view of this,this thesis systematically studies the above problems,and hopes that the research conclusions can provide a scientific basis for relevant industrial policy adjustment and credit risk management.Firstly,this thesis combs and analyzes the policy evolution and development status of the new energy vehicle industry.On this basis,this thesis makes a theoretical analysis and mechanism discussion from two aspects:the credit risk characteristics of the new energy vehicle industry and how the government affects the credit risk of the new energy vehicle industry,and puts forward the research hypothesis.Secondly,KMV model and analytic hierarchy process are used to measure and test the credit risk of new energy listed automobile enterprises,and KMV default distance and AHP credit score are obtained.Then,it empirically tests the impact of government subsidies on the credit risk of new energy vehicle enterprises,and carries out heterogeneity analysis,regulation effect,mechanism test,endogenous discussion and robustness test.The credit risk assessment results show that the credit risk results of new energy vehicle enterprises measured by the two methods are basically the same.In terms of time dimension,the credit risk of new energy vehicle enterprises generally shows an upward trend;In terms of spatial distribution,the credit risk of new energy vehicle enterprises in the eastern region is low.The empirical results show that government subsidies have a significant positive effect on KMV default distance.The higher the government subsidies,the greater the default distance of new energy vehicle enterprises and the lower the corresponding credit risk.For enterprises in the South and East,small and medium-sized enterprises,relatively young enterprises,enterprises with low maturity and non-state-owned enterprises,the effect of government subsidies on reducing their credit risk is more obvious.Enterprise financing costs and enterprise R&D investment play an intermediary role in the reduction of credit risk by government subsidies.Based on the above research conclusions,this thesis believes that the government can continue to provide more targeted subsidies to new energy vehicle enterprises,reduce the financing cost of new energy vehicle enterprises,encourage enterprises to increase R&D investment,and effectively control the credit risk of new energy vehicle industry;Enterprises themselves should also pay attention to strengthening their own risk management,improving capital utilization efficiency and realizing the healthy and sustainable development of new energy vehicle industry.