Research On The Impact Of Government Subsidies On Innovation Efficiency Of New Energy Vehicle Companies

As global climate change and environmental pollution become increasingly severe,governments and society at large have placed greater emphasis on sustainable development and environmental protection.As a clean and low-carbon mode of transportation,new energy vehicles have become an important means of addressing environmental issues,thanks to their zero emissions and high efficiency.Therefore,new energy vehicles are gradually becoming the main direction of global automotive development,and are of great significance for promoting energy transformation,reducing environmental pressure,and enhancing national economic competitiveness.However,under the dual drive of government subsidies and market demand,how new energy vehicle enterprises can improve their innovation efficiency to achieve sustainable development is an urgent problem to be solved.This paper explores the impact of government subsidies on the innovation efficiency of new energy vehicle enterprises through literature research,theoretical analysis,and empirical analysis,using China’s listed new energy vehicle companies as the research object.The paper first reviews the relevant literature on government subsidies,innovation efficiency,and the product lifecycle.It then elaborates on the theories of technological innovation,externalities and market failures,and signal transmission.The paper subsequently constructs the BBC-DEA model and DEA-Malmquist model,and analyzes the static and dynamic efficiency of new energy vehicle enterprises from the perspectives of overall efficiency,pure technical efficiency,and scale efficiency.The paper analyzes the dynamic efficiency of new energy vehicle enterprises from the perspectives of the overall,differentiated industrial chain,and differentiated property rights.Using panel data of listed new energy vehicle companies from 2015 to 2020,the paper then investigates the impact of government subsidies on innovation efficiency and uses the product lifecycle as a moderating variable.The paper measures static innovation efficiency and constructs an econometric model to empirically analyze the impact of government subsidies on innovation efficiency.The paper concludes as follows:(1)The measurement results of static efficiency indicate that the overall innovation efficiency of new energy vehicle enterprises is low,and the number of enterprises that have achieved DEA effectiveness is small.Pure technical efficiency is the dominant factor affecting innovation efficiency,and innovation efficiency is mainly influenced by scale efficiency.(2)The measurement results of dynamic efficiency indicate that the overall innovation efficiency of new energy vehicle enterprises has been on the rise from 2015 to 2020.Upstream industry chain enterprises have shown a downward trend in innovation efficiency,mainly due to technological regression.State-owned enterprise innovation efficiency has shown a downward trend,while non-state-owned enterprise innovation efficiency has shown an upward trend.(3)Government subsidies can significantly promote the improvement of innovation efficiency in new energy vehicle enterprises,and there is an "inverted U-shaped" relationship between government subsidies and innovation efficiency.That is,as government subsidies continue to increase and exceed the critical value,innovation efficiency will decline.At the same time,the impact of government subsidies on the innovation efficiency of growth-stage enterprises is higher than that of mature enterprises.(4)The impact of government subsidies on the innovation efficiency of downstream enterprises in the new energy vehicle industry is the strongest,followed by midstream enterprises,and weakest on upstream enterprises.The impact of government subsidies on the innovation efficiency of non-state-owned enterprises is higher than that of state-owned enterprises.At the same time,there is an "inverted Ushaped" relationship between government subsidies and enterprise innovation efficiency.Finally,based on the research conclusions,this paper puts forward policy recommendations from the perspectives of both government and enterprises,aiming to provide references for the development of China’s new energy vehicle industry.