财政补贴对企业商业信用融资的影响研究——基于新能源汽车补贴退坡政策的实证分析

The Effect of Subsidy Reduction Policy on Listed Firm’s Investment:Evidence from New-energy Vehicles

本文从供应链金融视角出发,研究由财政补贴退坡政策产生的外部流动性冲击对企业商业信用融资的影响。本文以2014年我国新能源汽车财政补贴退坡政策的实施为背景,以2011-2016年新能源汽车产业链的上市公司为样本,构建双重差分模型,比较政策实施前后,实验组与对照组企业商业信用周转期限的差异。研究发现,在补贴退坡政策实施之后,新能源汽车上下游企业之间的商业信用融资水平出现明显调整,表现为商业信用供给期限缩短、企业间资金周转加快;相对于整车制造商而言,政策对上游供应商的影响存在两年滞后效应。本文研究发现政策对融资约束较强、科技创新实力较弱、国有控股的企业中影响幅度更大,在一定程度上弥补了供应链金融研究的不足,对于新能源汽车产业政策研究亦具有启示意义。

The operational activities of high-tech enterprises have the characteristics of long duration and uncertain output, which makes such enterprises have high demand for capital volume and stable supply. Therefore, capital f low is a key factor that affects the sustainable operation of high-tech enterprises in China. For China’s high-tech supply chain, the existence of capital f low prompts core enterprises to explore the financial value of the supply chain actively. At present, the means for China’s high-tech enterprises to ease capital scarcity mainly include government financial subsidies and trade credit financing between supply chain enterprises. From the perspective of liquidity supply, fiscal subsidies are the means of government departments to issue exogenous money to meet the liquidity needs of enterprises, and they are public liquidity supply. Whereas, trade credit is private liquidity issued by enterprises with trading relationship to ease liquidity constraints when the liquidity shocks to enterprises are independent from each other. Liquidity runs through the entire process of supply chain management. Changes in the macroeconomic environment or related industry support policies will cause enterprises to face exogenous liquidity risks in the financing process;such liquidity shock caused by changes in the external environment will inevitably affect relevant enterprises to adjust their trade credit financing decisions through the upstream and downstream trade activities of the supply chain. This paper takes the liquidity theory as the entry point, and studies the impact of external liquidity shock caused by the policy of fiscal subsidy reduction on the commercial credit financing of enterprises through the perspective of supply chain finance. Based on the exogenous event of China’s new energy vehicle subsidy reduction policy in 2014, this paper takes the financial data of China’s new energy vehicle listed enterprises from 2009 to 2016 as samples and uses the difference in differences method(DID) to compare the differences between the treatment group and the control group in the trade credit supply term before and after the policy implementation. At the same time, considering that the trade relationship of the new energy vehicle industry chain mainly involves upstream suppliers, vehicle manufacturers and exogenous monetary subsidies(government), this paper divides the participating enterprises according to the characteristics of the upstream and downstream of the supply chain, and empirically tests the difference of the impact of policies on the upstream and downstream enterprises of the supply chain. Furthermore, this paper examines the effects of property rights, financing constraints and R&D level on policy effects from the perspective of firm characteristics. The empirical results show that after the implementation of the subsidy reduction policy in 2014, the financing behavior of participating enterprises in the new energy vehicle supply chain has changed, and the market financing behavior represented by trade credit has been active. This means that the implementation of the subsidy reduction policy has a positive effect on accelerating the capital turnover between upstream and downstream enterprises in the supply chain. Compared with vehicle manufacturers, the effect of the policy on upstream parts suppliers has a two-year lag effect. Further research shows that first, the policy effect will change with the intensity of the financing constraint, and will strengthen the policy effect. After the implementation of the subsidy reduction policy, enterprises with strong financing constraint will have a faster capital recovery rate, which indicates that the implementation of the policy can alleviate their financial distress by changing their working capital management. Second, the property right nature of enterprises will affect the policy effect. Compared with non-state-owned enterprises, state-owned enterprises in the supply chain are more capable of hedging the liquidity shock caused by the subsidy reduction through trade credit. Third, the R&D strength of enterprises will adjust the effect of policies. Under the effect of this policy, enterprises with weak R&D strength are more likely to accelerate the turnover of working capital, which ref lects the mutual benefit between enterprises and emphasizes the synergistic effect between upstream and downstream enterprises in the supply chain. This paper makes up for the lack of existing theoretical research from supply chain finance, trade credit financing and enterprises’ operation. In practice, this paper provides a valuable empirical reference for further understanding of the interaction between the driving factors of industrial policy and the operational decisions of enterprises.