China’s New Energy Vehicle Risk Spillover and Its Time-Varying Drivers from a Cross-Industry Chain Perspective

Effect mechanism and efficiency evaluation of financial support on technological innovation in the new energy vehicles’ industrial chain

Lithium, a crucial raw material for new energy vehicles, is experiencing significant market price fluctuations due to escalating geopolitical conflicts, periodic mismatches in supply and demand, and increased attention to lithium resources from countries around the world. These factors may adversely affect the development of the new energy vehicle industry. This paper adopts the TVP-VAR-DY model, which measures dynamic spillover effects by allowing for variance changes through the estimation of a stochastic Kalman filter, thereby measuring risk spillover among upstream and downstream firms in the lithium industry chain. We selected 16 listed companies and six regional financial markets as the research sample, with the sample period from 4 July 2018, to 30 June 2023. The main conclusions are as follows: Between 2018 and 2020, the overall risk spillover in the lithium industry chain demonstrated a declining trend, though it experienced a sudden surge in 2020 as a result of the COVID-19 pandemic. This increase was followed by a gradual decline as the global economy improved and market stability was restored, leading to a reduction in risk aversion. Regarding the reception of risk spillovers, upstream firms exhibited a generally consistent level of directional risk spillovers, whereas downstream firms experienced more significant fluctuations. Chinese firms exhibited a higher level of received risk spillovers compared to their international counterparts, with less variation in these spillovers. From the perspective of risk spillover effects, significant variations were observed between firms in both the upstream and downstream markets. Chinese firms exhibited a higher level of risk inflow than international firms, with more pronounced changes in risk spillovers. Upstream enterprises should enhance their market competitiveness to mitigate the adverse effects of economic uncertainty. Downstream enterprises can alleviate the rise in raw material costs resulting from market price fluctuations through strategic cooperation. Additionally, the government should increase the market supply of resources, which will contribute to the establishment of a more robust lithium industry chain system.

Promoting the development of new energy vehicles is one of the important measures to ensure energy security and deal with global warming. Technological innovation is an inexhaustible driving force for the development of the new energy vehicle industry. This study considered listed enterprises in China’s new energy vehicle industry as research samples and used the fixed effect model to study the impact of government subsidies on the quantity and quality of technological innovation in the new energy vehicle industry. The empirical results show that government subsidies have a significant positive impact on the quantity of technological innovation in the new energy vehicle industry; however, government subsidies have no significant impact on the quality of technological innovation. Government subsidies increase the quantity of technological innovation in the new energy vehicle industry by increasing R&D investment, mitigating financing constraints, and improving the external attention of enterprises. Compared to downstream enterprises in the industrial chain, government subsidies have a better incentive effect on the technological innovation of upstream enterprises, which increases the number of patents and enhances the quality of utility model patents. Government subsidies have a better effect on promoting the quantity of technological innovation in large enterprises.

Analysis of material flow among multiple phases of cobalt industrial chain based on a complex network

With the acceleration of China's urbanization process, construction activities have led to a substantial increase in construction waste. However, as China's construction waste recycling rate is low, it is difficult to convert construction waste into valuable products for the sustainable development of waste resources. The biggest reason for this is the construction waste industrial chain, which is imperfect and has many problems. In this study, a simulation model is established using system dynamics software Vensim PLE. The analogue simulation shows that (1) China generates a large amount of construction waste every year. If construction waste source reduction measures are implemented, it will inhibit 50% of the waste generated. Upstream enterprises in the industry chain should actively develop waste reduction technology and improve waste reduction management; (2) marginal effect exists in the single waste reduction measure, but the government should implement more portfolio reduction measures to enhance the reduction effect, which is often three times that of the single policy; (3) the middle stream recycling enterprises in the industry chain cannot solely rely on government subsidies to reduce the cost of waste recycling. It is necessary to create synergistic linkages with more responsible entities upstream and downstream of the industry chain, thus creating a new model in construction waste management. (4) Government policies tend to drive the purchasing power of building material market. The government should actively exert its subjective initiative, supervise and provide policies to help the downstream enterprises that supply recycled building materials in the industry chain, and change the rigid understanding of contractors and owners about recycled building materials. The research conclusions can provide theoretical guidance for industry chain-related enterprises and government management departments in policy formulation, so that construction waste is sustainably developed.

ESG management of China’s new energy vehicle (NEV) industry is vital to advancing sustainable development goals (SDGs). However, NEV industrial chain faces ESG challenges, including carbon emissions, quality control, and legal compliance, which undermine corporate sustainability, and hinder institutional investors from achieving long-term benefits and client ESG demands. Currently, information advantage in the co-holding network determines how much information resources institutional investors can provide to optimize corporate ESG strategies. Therefore, we explore the impact of institutional investors’ information advantage on the ESG performance of NEV industry using listed companies in industrial chain. In China, institutional investors holding below 5% shares dominate, and they can advance ESG agenda through social media. Considering this, co-holding networks with thresholds below 5% are constructed to adequately identify information exchange, with network centralities measuring information advantage. Results show that 1% increase in institutional investors’ information advantage improves ESG performance by 0.163%. Positive moderating effects of green innovation and digital transformation are more significant in large-scale companies, while those of financing and information disclosure are more significant in small-scale ones. All these moderating effects are more significant in upstream. These findings develop policies for companies of various scales in industrial chain to promote SDGs.

With the gradual development of the new energy vehicle (NEV) industry, the market share and scale of enterprises continue to expand. However, supply chain and finance management have become more difficult as a result of the intricate industrial chain structure. While supply chain finance can provide financing support, the accuracy and timeliness of information transmission are difficult to guarantee. Because of its distinct security qualities, blockchain technology is becoming more and more popular in the financial industry as a significant information technology. This paper focuses on the application of blockchain technology in the supply chain finance of the new energy vehicle industry. It explores how integrating blockchain technology can improve the efficiency and reliability of supply chain finance to address information transmission issues in the NEV industry and promote the stable development of the industrial chain. The study finds that blockchain technology, with its unique security and information technology attributes, is highly compatible with the trend of intelligence and informatization in the NEV industry. By introducing blockchain technology, secure, convenient, and timely sharing of information between enterprises can be achieved, effectively integrating supply chain finance, improving its operational efficiency and reliability, and bringing numerous benefits to enterprises in the industrial chain, thus assisting the sustainable development of the NEV industry.

It is of great theoretical and practical significance to achieve high-quality development that promotes the transformation of digestion, absorption, and re-innovation to an independent innovation model, actively participating in the restructuring of the industrial chain, and enhancing the status of the Yangtze River Delta in the global innovation chain. This study constructs a tripartite evolutionary game model of collaborative innovation led by the government, participated by upstream enterprises and downstream enterprises. Moreover, this article analyzes the strategic choices of the tripartite entities in the process of collaborative innovation, and the simulation analyzes the influencing factors of the government, upstream enterprises, and downstream enterprises’ collaborative innovation strategy selection. The results indicate that the government, upstream enterprises, and downstream enterprises have different degrees of influence on each other’s willingness to participate. In addition, the analysis proves that government policy support and financial support have different impacts on upstream enterprises and downstream enterprises.

The new energy vehicle industry is one of the emerging strategic industries, and innovation is crucial for the survival and healthy development of new energy vehicle enterprises. Currently, factors such as internal enterprise innovation, collaboration between upstream and downstream companies, government support, environmental regulations, and changes in market demand affect the collaborative innovation in the new energy vehicle industry. This article, based on grounded theory, aims to clarify the elements and interrelationships of collaborative innovation in the new energy vehicle industry and construct a collaborative innovation mechanism model. Using the three-stage coding of grounded theory, four main categories are identified: enterprise innovation and management, competition and cooperation in the industry chain, knowledge creation and technology sharing, and external environment. These four main categories constitute the foundation, key, core, and support of collaborative innovation in the new energy vehicle industry. The interactions between and within the main categories are analyzed, elucidating the innovation process of "communication-coordination-cooperation-collaboration" and the mechanism of transitioning from disorder to order in collaborative innovation in the new energy vehicle industry.

This study examines the impact of digital transformation in focal enterprises on the carbon emission intensity of upstream and downstream firms within industrial chains, particularly in the context of global green and low‐carbon development. The findings reveal that digital transformation significantly reduces carbon emission intensity by 9.97% in upstream enterprises and 11.9% in downstream enterprises, highlighting the substantial spillover effects across the industrial chain. These reductions are driven by three mechanisms: innovation integration, information spillover, and resource allocation. The study also finds that these spillover effects are more pronounced in regions with lower economic growth targets and stricter environmental regulations, particularly in central‐eastern China. Additionally, the research identifies significant industry heterogeneity, with varying spillover effects across different industrial sectors. This research offers valuable policy insights for leveraging digital transformation to promote green and low‐carbon industrial transformations, especially in developing countries.

Do government subsidies promote financial performance? Fresh evidence from China's new energy vehicle industry

Overview of Chinese new energy vehicle industry and policy development

The green finance reform and innovation pilot zone policy aims to alleviate financial constraints on green technological innovation along the new energy vehicle (NEV) industry chain through diversified financial instruments. Based on data from listed NEV companies on the Shanghai and Shenzhen A-share markets from 2012 to 2022, this study uses a quasi-natural experiment involving three batches of pilot zones (established in 2017, 2019, and 2022) to construct a staggered difference-in-differences (DID) model to assess the policy's impact on green technological innovation. Results show that the pilot zone policy significantly promotes green technological innovation among NEV-related enterprises. The policy indirectly drives innovation by increasing R&D investment. However, financing constraints weaken the policys effects, while firms with stronger financing capabilities benefit more. The policy impact is more pronounced for state-owned and central-western enterprises. This study provides three key insights for optimizing green finance policy: addressing financing difficulties of non-state-owned enterprises, improving the financial support system, and implementing regionally differentiated support strategies.

Due to the features (multi-agent、cross-region、multi-module) of Technology Innovation Alliance, the management problem related to profit allocation is emerging. According to the situation technology innovation influences the marginal revenue and the market demand of products, this paper establishes the game model of the Technology Innovation Alliance consisting of an upstream enterprise and a downstream enterprise in industrial chain. Based on the three league mode(no-league、half-league、all-league), we study the profit distribution range of the upstream and downstream enterprises in industrial chain. Key words: Technology Innovation Alliance; Industrial chain; Profit allocation; Game theory

As a strategic emerging industry, new energy vehicles are very important to the economic development of a country. The new energy vehicle industry has entered a new stage of accelerated development. However, at present, there is still a gap between the driving force of technological innovation in China's new energy vehicle industry and developed countries, and the cooperation and innovation of enterprises in the industrial chain still need to be improved in terms of complementarity and closeness of cooperation. Based on the cooperative patent data of enterprises in the new energy vehicle industry from 2010 to 2020, this paper divides it into three stages, and uses the spatial analysis tool of ArcGIS software to systematically analyze the spatial distribution characteristics of cooperative innovation networks in various provinces. The results show that more and more enterprises are choosing collaborative innovation. The conclusions of this study can put forward relevant policy suggestions for enterprises in China's new energy vehicle industry to achieve high-quality technological innovation.