Abstract
As a strategic emerging industry in China, new energy vehicles (NEV) industry has developed rapidly in recent years under the strong support of national industrial policies. In order to observe the effect of financial subsidies on R & D activities of NEV companies in China, this paper cuts through the perspective of R & D intensity of enterprises. According to the micro panel data of 75 listed companies in China’s NEV industry chain from 2008 to 2016, empirical analysis shows that the financial subsidy has a positive effect on the R & D intensity of the NEV industry chain enterprises, and the financial subsidies are more obvious for the new energy vehicle core component manufacturing industry when considering the sub-sectors. In addition, some other factors that may affect China’s NEV industry have also been discussed. This puts forward some empirical evidence and policy recommendations for the direction of the country’s further subsidy policy for the promotion of NEV industry innovation.
Highlights
According to the statistics of the World Automobile Organization (OICA), by the end of 2014, the global car ownership has reached 1.236 billion
In order to observe the effect of financial subsidies on R & D activities of new energy vehicles (NEV) companies in China, this paper cuts through the perspective of R & D intensity of enterprises
According to the micro panel data of 75 listed companies in China’s NEV industry chain from 2008 to 2016, empirical analysis shows that the financial subsidy has a positive effect on the R & D intensity of the NEV industry chain enterprises, and the financial subsidies are more obvious for the new energy vehicle core component manufacturing industry when considering the sub-sectors
Summary
According to the statistics of the World Automobile Organization (OICA), by the end of 2014, the global car ownership has reached 1.236 billion. The Chinese government needs to stimulate the sales of new energy vehicles through fiscal and taxation policies, and promotes the relevant enterprises to accelerate the research and development activities of new energy vehicles, improve the overall technical level of the industry, and convert the research and development expenditure into actual output. There have been vicious competitions such as false declarations, local protectionism, rent-seeking corruption, etc., in order to defraud high subsidies In this context, the four ministries on February 13, 2018, the Notice on Adjusting and Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles and the New Energy Vehicle Promotion Subsidy Program and Product Technical Requirements will be adjusted to the current new energy vehicle subsidy policy. Research on the issues related to the financial subsidy policy of the new energy vehicle industry has certain reference value for perfecting China’s fiscal policy theory system
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