Government Subsidies, R&amp;D Investment and Financial Performance of New Energy Vehicles Enterprises

Xu Haifeng,Wang Linxia

doi:10.11648/j.si.20190705.11

Abstract

Government subsidies and R&D investment are important factors that affect the financial performance of enterprises. Based on 51 new energy vehicles listed companies during 2014-2018 as the object, using intermediary effect model, this paper discusses the impact of government subsidies on the financial performance of enterprises. The study found that the government subsidies to promote the financial performance of the new energy vehicles enterprise. In addition, enterprise R&D investment plays a part of intermediary role in the process that government subsidies affect the financial performance of enterprises of new energy vehicles, but government subsidies lead to the decline of enterprise financial performance after the increase of enterprise R&D investment. The research of this paper opens up a new perspective on how government subsidies can encourage enterprises to improve their performance. R&d investment is the source power of enterprise development. And the new energy vehicle enterprises need to pay attention to the direction of internal government subsidies, establish and perfect the relevant supervision and management mechanism, so as to promote the innovation and development of new energy vehicle enterprises and enhance the key ability of their competition.

Highlights

important factors that affect the financial performance of enterprises
this paper discusses the impact of government subsidies on the financial performance
The study found that the government subsidies to promote the financial performance of the new energy vehicles enterprise

Summary

Introduction

Government subsidies and R&D investment are important factors that affect the financial performance of enterprises. 新能源汽车行业作为新兴行业,是解决传统汽车行业尾气污染、燃油资源紧缺等一系列问题的新发展方向,为了防止污染以及资源消耗,加快发展新能源汽车产业已经成为各界共识。根据数据显示(见图1),2018年新能源乘用车销量已突破100万辆,近五年增长率平均超过40%。新能源汽车的改造和传统汽车的升级换代,对R&D投资需求非常迫切,对政府补贴有较大的依赖性。当前,政府大力扶持新能源汽车产业,通过补助使其能够保证R&D资金的充足,促使企业积极展开研发,为其相关创新提供帮助, 使得企业通过研发获取更多的利润。科技创新是国家转变经济增长模式过程中的核心动力,企业是国家创新发展的中坚力量,政府作为主导通过政府补助等多种手段激励和引导企业行为。学者对两者的关系进行了广泛分析和探讨,主要得出政府补助有效论与政府补助无效论。政府补助有效论认为企业能够利用政府补助资金实现企业财务绩效的提升,在企业财务绩效提升过程中,产品创新起到极大的作用[1,2,3]。而政府补助无效论则认为政府补助使财务绩效减少[4,5]。在企业财务绩效提升的过程中,技术和产品创新起到极大的作用,判断其创新能力的重要因素即为R&D(研发)投入,其中包括企业自身投入和政府补助。但是关于政府补助对财务绩效影响的研究中往往只注重两个端点,即最初的政府补助资金的投入端与最后的成果产出端,往往忽略了政府补助对企业财务绩效影响过程中的作用机理。政府补助、R&D投入与财务绩效三者之间关系的研究尚少,深入研究政府补助影响财务绩效过程的成果也较少。本文从企业科技创新角度, 以新能源汽车行业为例,将政府补助、R&D投入与财务绩效作为研究路径,深入探析政府补助影响企业财务绩效的机理。

Results

Conclusion