Research On Innovation Efficiency Of China’s New Energy Vehicle Enterprises Under Subsidy Decline Policy

Since entering the 21st century,in order to fight against increasingly environmental and energy problems,many countries were stepping up the deployment of new energy vehicle industry track.China’s new energy vehicle industry was listed as one of the strategic emerging industries,in order to strengthen the innovation and development of China’s new energy vehicle industry,during the "Tenth Five-year plan" period,major special projects of electric vehicles were included in the national high-tech research and development plan(863 Plan),and the country attached unprecedented importance to them,Before 2016,the state adopted a strong subsidy and support policy for the new energy automobile enterprises at the initial stage of development,but the subsidy is not a long-term solution,new energy vehicles firms must face the reality of the test of marketization.After 2016,government began to reduce subsidies,raise the threshold of access,and adopt the subsidy reduction policy.Technological innovation is the key of the development of the new energy vehicle industry.How effective is the innovation of the new energy vehicle under the policy of subsidy withdrawal?Whether and how the new subsidy policy affects the innovation efficiency of new energy vehicles is the main research issue of this paper.In this paper,select the panel data of listed China’s new energy vehicle firms and battery,motor,electric control firms from 2012 to 2020 construct innovation performance evaluation indicators.Dynamic DEA model based on slack variable measurement is used to measure the innovation performance of key enterprises in the new energy vehicle industry scientifically.Based on different perspectives,the overall efficiency and period efficiency of new energy vehicle manufacturers are analyzed and compared horizontally and vertically.The results of innovation efficiency show that the overall efficiency of China’s new energy vehicle industry is low,and the polarization of innovation efficiency among enterprises is serious,and the innovation efficiency of vehicle firms is higher than that of battery,motor,electric control firms.From a dynamic point of view,before 2016,there was little difference in the trend of innovation efficiency between the vehicle firms and the battery,motor,electric control firms.But from 2016 to 2017,the average innovation efficiency of vehicle firms has decreased significantly,while battery,motor,electric control firms improved slightly.In order to verify whether this result is related to the subsidy policy implemented in 2016,this paper uses the Differences-inDifferences method to identify the effect of the policy,in which battery,motor,electric control firms are taken as the control group.In order to reduce the selection errors caused by the nonrandomness of policy choices,first use the Propensity Score Matching method,and then use the DID regression under the new sample.The results show that the subsidy policy for new energy vehicle firms in 2016 has a negative impact on the innovation efficiency of new energy vehicle enterprises,which shows that the dependence of new energy vehicles on subsidies needs to be further reduced in recent years,and there is a long way to go to improve the competitiveness.Based on the above research results,this paper has a clearer understanding of the innovation and development of new energy vehicles,and puts forward future policy suggestions,hoping that China’s new energy vehicle industry can continue to flourish.