Study On The Impact Of New Energy Vehicle Industry Policy Subsidies On Innovation Performance

Developing strategic emerging industries and promoting the optimization and upgrading of the economic system is one of the key tasks of my country’s economic and social development during the "14th Five-Year Plan" period.As a strategic emerging industry,the new energy vehicle industry has been strongly supported by the government through industrial and fiscal policies in order to encourage the development of new energy automobiles.Different scholars have studied the relationship between policy subsidies,R&D investment and innovation performance from different perspectives,and concluded that there may be some differences.The thesis puts the three into the same framework,explores the incentive effects of policy subsidies on the development of the new energy vehicle industry,and analyzes the differences in effects in different situations.On the basis of combing government policy support,R&D investment and innovation performance and other related documents,the paper analyzes the relationship between subsidy policies and R&D in the new energy vehicle industry,with the help of market failure theory,government intervention theory,signal transmission theory and Supported by resource-based theories,etc.,selected 147 new energy vehicle listed companies to conduct empirical analysis on relevant panel data from 2016 to 2019,build a fixed effect model to study the impact of subsidy policies on innovation performance,and carry out robustness standard error correction to prevent discrepancies The generation of variance phenomenon;the group regression analysis method is used to study the difference of the impact of policy subsidies on innovation performance in different situations,and the intermediate variables of the impact of policy subsidies on innovation performance are further studied according to the stepwise regression analysis method proposed by Baron.Studies have shown that policy subsidies have a significant effect on the improvement of innovation performance;in contrast,policy subsidies can improve the innovation performance of companies with lower financial performance;similarly,the implementation of non-state-owned enterprises and local enterprises with lower marketization levels The policy subsidies of China can better improve innovation performance.Policy subsidies have significantly driven the increase in R&D capital investment and R&D personnel investment;the increase in R&D capital and R&D personnel investment will significantly improve innovation performance;R&D funds and R&D personnel investment will play an intermediary effect.To ensure the robustness of the conclusion,the paper tests the main effects and considers the impact of endogenous issues.The paper attempts to integrate policy subsidies,R&D investment and innovation performance into the same framework,to study the innovation performance of the new energy vehicle industry,and further divide R&D investment into R&D capital investment and R&D personnel investment,from the three aspects of financial performance,property rights,and marketization level.Dimension,discussing the influence mechanism between policy subsidies and innovation performance of the new energy vehicle industry has a certain novelty.The research conclusions,on the one hand,can provide a certain reference for the introduction of related policies;on the other hand,it can provide certain theoretical support for new energy automobile companies to improve their independent innovation capabilities.