双积分政策对新能源汽车上下游企业财务绩效的异质性影响研究  

Research on the heterogeneous impact of the dual-credit policy on the financial performance of upstream and downstream enterprises of new energy vehicles

作　　者：饶奕邦 熊勇清[1] 徐文 RAO Yibang;XIONG Yongqing;XU Wen(School of Business,Central South University,Changsha 410083,China;School of Public Administration,Renmin University of China,Beijing 100089,China)

机构地区：[1]中南大学商学院,长沙410083 [2]中国人民大学公共管理学院,北京100089

出　　处：《系统工程理论与实践》2022年第9期2408-2425,共18页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(71874208)。

摘　　要：双积分政策的有效性很大程度上取决于其能否激励新能源汽车产业链各环节企业(上下游企业)财务绩效的协同与均衡发展.以新能源汽车产业链的上游企业和下游企业作为研究对象,关注财务绩效的四个方面:盈利能力、营运能力、偿债能力、抗风险能力,运用间断时间序列法分析了双积分政策对新能源汽车上下游企业财务绩效影响的差异性.研究发现:1)双积分政策更能提升新能源车企抗风险能力、盈利能力和营运能力,而对偿债能力的提升作用较弱;2)双积分政策对上下游企业盈利能力、营运能力、抗风险能力的提升作用同步性较强,而对偿债能力的提升作用同步性较弱;3)双积分政策对产业链不同环节的新能源车企财务绩效的影响存在一定的差异.具体地,双积分政策对上游企业盈利能力、营运能力和抗风险能力的提升作用更强,而对下游企业的偿债能力提升作用更强.The effectiveness of the dual-credit policy largely depends on whether it can stimulate the coordinated and balanced development of the financial performance of enterprises(upstream and downstream)in all links of the NEVs industry chain.This article divides the financial performance into profitability,operating ability,solvency,and risk resistance,and the disparity of the influence of the dual-credit policy on the financial performance of upstream and downstream enterprises of NEVs is analyzed by using the interrupted time series(ITS) method.The results are as follows.Firstly,the dual-credit policy can improve the risk resistance,profitability and operating capacity of new energy vehicle enterprises,but has a weak effect on the improvement of solvency.Secondly,the dual-credit policy has a strong synchronization effect on the upstream and downstream enterprises’ profitability,operating ability,and risk resistance,while the enhancement effect on solvency is less synchronized.Finally,there are certain differences in the influence of the dual-credit policy on the financial performance of upstream and downstream NEVs enterprises.Specifically,the dual-credit policy has a stronger effect on profitability,operating ability and risk resistance of the upstream enterprises,with a stronger role in the solvency of downstream enterprises.

关 键 词：双积分政策 新能源汽车 产业链 财务绩效 

分 类 号：F426.471[经济管理—产业经济] F273.1