An Empirical Study On The Effect Of Selective Industrial Policy On The Development Of New Energy Vehicle Industry

The environmental pollution and excessive energy consumption caused by the traditional economic development mode have brought huge hidden dangers to the future economic development.The development of alternative energy green environmental protection industry and support for new energy industry have become the focus of the government’s economic work.As one of China’s strategic emerging industries,the new energy automobile industry is not mature in the market,and neither the technical level nor the demand level can meet the requirements of entering the market,so it is difficult to develop rapidly by relying on the market alone.The government’s selective industrial policy,through the preferential support for the new energy automobile industry,makes the output rapidly increase in a short period of time,forming a preliminary production Industrialization scale.This paper selects the listed companies of new energy automobile industry in 2015-2018 as the research sample.From the dual perspectives of the government and the enterprise,it tests the impact of selective industrial policies on the R&D investment and profitability of enterprises.Based on the theories of externality,market failure and government intervention,it puts forward the positive incentive action of selective industrial policies on the R&D investment of enterprises Based on the hypothesis,we further consider the financing constraints and test the effect of selective industrial policy on the enterprises relying on external financing;based on the current research basis,we test the effect of selective industrial policy on the profitability of enterprises.In this paper,we first use panel data linear regression to test the effectiveness of the control variables,and find that there are financing constraints in the new energy vehicle industry,which have a significant negative impact on the R&D investment of enterprises;secondly,we use logit model to explain the endogenous problem of government choice,and find that the smaller the enterprise scale,the more sufficient the liquidity and the private enterprises obtain the government industrial policies The larger the probability of support is,the more empirical research on the impact of selective industrial policies on R&D investment and profitability is conducted by using the analysis method of counterfactual framework and the method of propensity score matching.The results show that on the one hand,selective industrial policies can effectively stimulate the enthusiasm of R&D investment of enterprises,and selective industrial policies can alleviate the dependence of enterprises On the other hand,the selective industrial policy has no significant impact on the profitability of enterprises,which may be caused by the failure of effective transformation of R&D investment,overheated R&D investment,structural overcapacity and other reasons.Based on the empirical results and the practical background,this paper considers that the intervention of selective industrial policy is necessary:first,the new energy automobile industry is different from other industries,which has positive environmental externalities and can effectively reduce energy consumption and air pollution,so the rise and development of the new energy automobile industry is necessary;second,the government not only has economic functions,but also has more functions It has the function of social public service,so the government should not only consider the economic benefits,but also support the necessity of industrial development from the strategic height of ensuring the ecological environment and sustainable development.The empirical results show that on the one hand,the selective industrial policy increases the R&D investment of enterprises,on the other hand,it does not improve the profitability of enterprises,so the implementation effect of the policy is still unsatisfactory,which shows that there are still improvements in the details of policy implementation.This paper suggests that we should improve the supporting standards,supporting objects,regulatory mechanism,early warning mechanism,etc.,in order to better Guide the healthy development of new energy automobile industry.