The Impact Of Government Subsidies On The Innovation Performance Of Listed Enterprises Of New Energy Vehicles

At present,the world emits about 51 billion tons of greenhouse gases into the atmosphere every year,and the trend of global warming is becoming increasingly prominent.According to estimates,80% of global carbon emissions come from energy consumption,mainly fossil energy,which has caused a serious climate warming crisis and energy shortage crisis,so countries around the world have proposed "carbon peaking,carbon neutrality" carbon reduction goals.The automotive industry has the characteristics of long industrial chain,wide radiation range,large proportion of carbon emissions,and high carbon intensity of bicycles,so it has become one of the key industries in global carbon emission management.Vigorously developing new energy vehicles and increasing the proportion of new energy vehicles in the market has become an important path to achieve the "dual carbon" goal.As the world’s largest new energy vehicle production and sales market,China’s new energy vehicle promotion speed is fast and the promotion volume is large,and China’s new energy vehicle production and sales in 2022 ushered in explosive growth,reaching 7.058 million and 6.887 million units,respectively,an increase of 96.9% and 93.4% year-on-year,and the market share increased from 13.5% in 2021 to 25.6%.However,the current promotion of new energy vehicles still faces obstacles such as cost anxiety,mileage anxiety and safety anxiety,and the key to solving these three obstacles lies in the technological innovation of related manufacturers.In order to promote the development of China’s new energy vehicle industry and support the R&D and innovation of new energy vehicle enterprises,China has implemented a new energy vehicle subsidy policy.At present,the research conclusions on the impact of government subsidies on enterprise innovation performance mainly include "promotion theory","suppression theory" and "nonlinear impact theory",which are affected by different research methods and information asymmetry between government enterprises,and there is no unified conclusion on the extent to which government subsidies promote the R&D and innovation performance of enterprises.Based on the supplement and improvement of the research on the impact of existing government subsidies on the innovation performance of new energy vehicle enterprises,this paper selects the panel data of government subsidies and patent applications of 64 listed new energy vehicle enterprises from 2011 to2020 to further quantify the impact of government subsidies on the innovation performance of new energy vehicle listed enterprises.This paper first uses a fixed-effect model to illustrate that government subsidies have a positive impact on the innovation performance of new energy vehicle listed enterprises.In order to further explore whether a reasonable subsidy range exists,that is,how to determine the amount of scientific government subsidies in order to promote the innovation performance of new energy vehicle enterprises,this paper uses the threshold regression model,and it is concluded that government subsidies have a single threshold effect on the innovation performance of new energy vehicle listed enterprises.The main conclusions reached in this paper are: government subsidies have a significant positive impact on the innovation performance of listed enterprises of new energy vehicles;This positive effect has a threshold effect and a lag effect;Government subsidies positively affect the innovation performance of listed enterprises of new energy vehicles through the intermediary role of R&D investment.Based on this,this paper puts forward policy recommendations: new energy vehicle manufacturers should adhere to market orientation and increase investment in core technological innovation and R&D;When formulating subsidy policies,the government should determine a reasonable subsidy range,implement precise policies,and efficiently promote new energy vehicle related enterprises to improve their innovation performance;At the same time,we should actively promote the transformation of policy subsidies to market demand,and cultivate the endogenous driving force for innovation of new energy vehicle manufacturers.Compared with previous studies,the possible contribution and innovation of this paper lies in the long examination period and large sample size.Consider the mediating effect of R&D investment and the threshold effect of government subsidies.The research conclusions of this paper can provide theoretical and empirical support for China’s further adjustment of new energy vehicle subsidy policies and even support the development of other emerging industries in a longer period of time in the future.