“后补贴”时代财务柔性对政府补贴的替代效应——基于A股新能源汽车研发投资的实证研究

The Substitution Effect of Financial Flexibility for Government Subsidies in the“Post-Subsidy”Era——An Empirical Study Based on A-share R&D Investment in New Energy Vehicles

选取2010—2021年我国A股131家新能源车企的财务数据,检验政府补贴与财务柔性对研发投资的影响,并探究财务柔性是否能够对政府补贴产生替代效应以促进新能源车企研发投资水平的提升。研究表明:政府补贴与财务柔性均能促进新能源车企研发投资水平的提高,并且财务柔性对政府补贴有替代效应;现金柔性对政府非研发补贴的替代效应最为显著,而政府研发补贴的不可替代性较强。新能源车企应重视财务柔性对政府补贴的替代效应,积极建设合理的财务柔性机制,注重发挥现金柔性对研发投资的促进作用,同时考虑储备负债柔性的局限性;政府也应提高研发补贴的比例,逐步引导企业自主发展。

The article examines the impact of government subsidies and financial flexibility on R&D investment by selecting the financial data of 131 A-share new energy vehicle enterprises in China from 2010 to 2021,and investigates whether financial flexibility can have a substitution effect on government subsidies to promote R&D investment in new energy vehicle enterprises.The results show that both government subsidies and financial flexibility can promote R&D investment in new energy vehicle enterprises,and financial flexibility has a substitution effect on government subsidies.Further study finds that cash flexibility has the most significant substitution effect on government non-R&D subsidies,while government R&D subsidies are more irreplaceable.It is recommended that new energy vehicle enterprises pay attention to the substitution effect of financial flexibility for government subsidies,actively build a reasonable financial flexibility mechanism,and focus on the role of cash flexibility in promoting R&D investment while considering the limitations of reserve debt flexibility;in addition,the government should increase the proportion of R&D subsidies and gradually guide the independent development of enterprises.