政府补贴对新能源汽车企业投资效率的影响

Impact of government subsidies on the investment efficiency of new energy vehicle enterprises

基于中国沪深两市2011-2019年A股76家新能源汽车企业数据,采用混合回归模型,探究政府补贴对企业投资效率的影响。结果表明:由于信息不对称导致的逆向选择,政府补贴并非总能促进企业投资效率的提升,相比投资不足,政府补贴对投资过度影响程度更大。市场化进程低的地区,政府补贴与企业投资过度正相关;市场化进程高的地区,政府补贴与企业投资不足正相关。

Based on the data of 76 A-share new energy vehicle enterprises in Shanghai and Shenzhen stock markets from 2011 to 2019,a mixed regression model is used to explore the impact of government subsidies on enterprise investment efficiency.The results show that due to adverse selection caused by information asymmetry,government subsidies do not always promote the improvement of enterprise investment efficiency.Compared with insufficient investment,government subsidies have a greater impact on over investment.In areas with low marketization process,government subsidies are positively correlated with excessive enterprise investment.In areas with high marketization process,government subsidies are positively correlated with insufficient enterprise investment.