会计学院知识库

Abstract
With the advancement of Beautiful China initiative and the emphasis on sustainable development, resource conservation, and environmental protection, the new energy vehicle (NEV) industry, as a crucial component of the new energy economy, has become particularly significant in its development. However, the industry faces substantial investment requirements during its initial research and development phase, along with challenges in market promotion and the supply of critical materials such as batteries, all of which impose limitations on the sustained growth of the NEV sector. To address these issues, the government provides billions of subsidies annually to support NEV production, significantly promoting the industry's growth. As a leading domestic player in the NEV industry, Changan Automobile's financial performance influenced by government subsidies holds significant research value.
This thesis first outlines the government subsidy policies in the context of the domestic NEV industry and reviews domestic and foreign research on the relationship between government subsidies and financial performance. It also elaborates on the theoretical foundation, including the mechanism of government subsidies. Subsequently, it introduces the case company, Changan Automobile, and analyzes the impact and role of government subsidies on its performance. The analysis proceeds as follows: the DEA model is employed to analyze the financial data of 15 NEV enterprises from 2018 to 2022, comprehensively assessing Changan Automobile's efficiency in utilizing government subsidies. Meanwhile, combined with Changan Automobile's financial reports for the past five years, various financial indicators before and after excluding government subsidies are compared and analyzed to specifically examine the impact of subsidies on the company's profitability, solvency, operational capability, and growth potential.
The research findings reveal that government subsidies have a positive influence on Changan Automobile's overall financial performance, and the company does not exhibit significant dependence when government subsidies decline. These subsidies play a vital role in promoting the company's long-term development, alleviating financial pressure, enhancing core competitiveness, conveying favorable market signals, and stimulating technological innovation. However, the effect of government subsidies on improving Changan Automobile's cash flow is not evident. This suggests that enterprises should closely align with national policies and economic development directions, formulating proactive and effective strategies, such as enhancing independent operation and research and development capabilities. Finally, based on the research conclusions, this thesis proposes relevant countermeasures and recommendations for both enterprises and the government, aiming to provide guidance for corporate strategy formulation and improve the efficiency of government subsidy utilization.