Research On The Impact Of Financing Constraints On The R&D Output Of Chinese New Energy Vehicle Enterprises

Economic development will inevitably bring environmental pollution problems and resource shortage pressure,the development of green industry has been the consensus of all countries.In the modernization process of our country,environmental protection is an important policy of national development,and also an important content of sustainable development strategy.New energy vehicle enterprises can not only improve environmental problems and alleviate the pressure of energy crisis,but also bring economic benefits,and bring possibilities for China’s new economic growth point,which is an important direction of the development of China’s auto industry.However,China’s new energy vehicle enterprises started relatively late,and there is a gap between technological innovation and developed countries.Accelerating research and development innovation is the key to the development of China’s new energy enterprises.Research and development activities need continuous financial support to ensure the normal progress of activities.The investment payback period of research and development industries is long,and the interruption of funds will force enterprises to stop innovation activities,and the cost invested before will suffer huge losses.Therefore,the continuous financial support of enterprises is necessary.New energy vehicle enterprises are emerging industries in China,relatively speaking,the development is not mature enough,the profitability of some enterprises is slightly insufficient,internal financing can not provide enough funds to support enterprise research and development,enterprises have to carry out external financing,which makes new energy vehicle enterprises face financing problems.In this paper,based on this research background,the paper summarizes relevant literature,the development of new energy automobile enterprises in our country,research and development and the present situation of financing is analyzed,and then based on the theory of information asymmetry,financing optimal sequence and the basis of principal-agent theory,the financing constraints analysis of mechanism of research and development of new energy automobile enterprises in our country.In the empirical analysis,this paper selects the data of new energy vehicle enterprises from2007 to 2019 and adopts the negative binomial regression model based on the characteristics of explained variables to empirically test the impact of financing constraints on the R&D output of New energy vehicle enterprises in China.Firstly,the whole sample is empirically analyzed.Secondly,considering the differences in economic development degree and intellectual property protection of enterprises with different properties and regions,the differences of enterprises with different ownership properties and different regions are discussed in groups,and then the robustness test is carried out.It is found that financing constraints have a significant inhibiting effect on the R&D of China’s new energy vehicle enterprises,and in the group discussion,it is found that non-state-owned enterprises,foreign-funded enterprises,and enterprises in the central and western regions are more affected by this effect.Based on the empirical results,this paper puts forward the following suggestions to alleviate the financing constraints of China’s new energy vehicle enterprises and improve their research and development capabilities :(1)improve the r&d information disclosure mechanism of new energy vehicle enterprises and strengthen the protection of intellectual property rights;(2)Optimize the allocation of credit resources and play the key role of the market;(3)Increase financial and policy support to non-state-owned enterprises and enterprises in the central and western regions.