Evaluation of technology innovation efficiency for the listed NEV enterprises in China

Abstract

China’s New Energy Vehicle (NEV) industry has entered an accelerated development stage, with the technology innovation efficiency becoming an essential factor affecting the speed of its development. Therefore, to explore ways to improve the efficiency of technology innovation, this paper divides the technology innovation process into two stages: the research and development (R&D) stage and the commercialization stage. This paper introduces a framework for evaluating the technology innovation efficiency of NEV enterprises based on data envelopment analysis (DEA), meta-frontier, and tobit regression. Then, the technology innovation efficiencies of 45 vehicle, battery, and motor & electronic control NEV enterprises are analyzed. The results show that: (i) During the survey period, the overall technology innovation capability of Chinese new energy vehicle enterprises is not strong, especially regarding economic transformation. However, the general development trend is on the rise. (ii) Different types of enterprises have different technology gap ratios in the two stages. The technology innovation efficiency level of motor and electronic control enterprises is relatively weak in the new energy vehicle industry. (iii) Many measures can be implemented to help improve technology innovation efficiency: encouraging the large-scale development of enterprises, reasonably increasing the shareholding ratio of significant shareholders, improving the ratio of capital investment, stimulating the vitality of innovation within the enterprise, and optimizing the number of employees.