Research On The Impact Of Industrial Policies On Enterprise Technological Innovation

As an important component of strategic emerging industries,new energy vehicles have been highly valued by the Chinese government since the 18 th National Congress of the Communist Party of China.A series of new energy vehicle industry policies have been introduced,mainly through subsidies and incentives as "supportive" policies and standard constraints as "threshold" policies,which have contributed to the rapid growth of China’s new energy vehicle production and sales.Based on the development practice of China’s new energy vehicle industry,this article selects A-share new energy vehicle listed companies in Shanghai and Shenzhen from2007 to 2020 as research samples.Based on theoretical analysis,a multi-period DID model is constructed to empirically test the impact and mechanism of "supportive" and "threshold" new energy vehicle industry policies on enterprise technological innovation.Through this study,we found that: firstly,whether it is a "supportive" policy or a "threshold" policy,the new energy vehicle industry policy has a significant incentive effect on enterprise technological innovation.Compared to the "supportive" policy,the "threshold" policy has a greater incentive effect on enterprise technological innovation,and there is also a complementary effect between these two types of policies,with policy synergy having a greater incentive effect than a single policy.The above conclusions are still valid after a series of robustness tests such as multi period PSM-DID estimation,measurement method of replacing the explained variable,lag test and placebo test.Secondly,further heterogeneity analysis indicates that the impact of new energy vehicle industry policies on enterprise technological innovation will exhibit significant heterogeneity characteristics due to differences in the nature of enterprise property rights,life cycles,and regional marketization levels.Thirdly,the mechanism identification test results indicate that the new energy vehicle industry policy mainly affects enterprise technological innovation through four mechanisms:fiscal subsidy effect,tax preferential effect,resource compensation effect,and market competition effect.Among them,the four mechanisms of the "supportive" policy all pass the significance test,while the "threshold" policy only passes the significance test for tax preferential effect and market competition effect.Based on the above research conclusions,this article also proposes policy recommendations from multiple perspectives to further optimize China’s new energy vehicle industry policies,promote high-quality development of the new energy vehicle industry,and assist in economic transformation and upgrading.Specifically,it includes optimizing financial subsidy methods and emphasizing policy coordination and complementarity;classify and promote policy implementation,strengthen scientific and precise policy implementation;improve the effectiveness of policy supervision and improve the policy evaluation system.