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

摘要

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.