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Enterprise's R&D and Innovation Management

Research on the Incentive Effect of New Energy Vehicle Support  Policies on Enterprise Green Technology Innovation 

Su Liping, Diao Ruibo

(School of Economics and Management, Inner Mongolia University of Science & Technology, Baotou 014010, China)

Abstract: The report to the 20th National Congress of the Communist Party of China has  charted the course for the development of new energy vehicles through multiple avenues, includ⁃ ing advocating green consumption, promoting technological innovation, and accelerating the con⁃ struction of a new energy system. For automotive manufacturers, transitioning toward new energy  is imperative. Concurrently, the impact of new energy vehicle support policies on technological  innovation within the automotive sector has drawn significant attention. To investigate whether  these support policies genuinely incentivize green technological innovation among automakers  from both quantitative and qualitative dimensions, examine whether incentive effects exhibit het⁃ erogeneity across different automakers, and identify the mechanisms and pathways through  which support policies motivate green technological innovation in the automotive sector, this  study utilizes panel data from Chinese A-share listed automotive manufacturers between 2007 and 2022. It employs the key policy document "Notice on Launching Demonstration and Promo⁃ tion Pilot Programs for Energy-saving and New Energy Vehicles" as an exogenous shock. A  time-varying difference-in-differences (DID) model is constructed, incorporating moderation  and mediation models to systematically examine the incentive effects and operational mecha⁃ nisms of new energy vehicle support policies on corporate green technological innovation. The  findings reveal: ①New energy vehicle support policies significantly enhance both the quantity  and quality of enterprises' green technological innovations, demonstrating strong policy vitality; ②Heterogeneity analysis indicates that policy effects are more pronounced among enterprises in  inland regions, areas with low market segmentation, and state-owned enterprises, reflecting dif⁃ ferences in regional foundations, market environments, and ownership structures that influence  policy responsiveness; ③Mechanism tests reveal that R&D investment and financing constraints  partially mediate the relationship between policy and green technological innovation. Specifi⁃ cally, policies promote green technology output by guiding enterprises to increase R&D resource  allocation and alleviating external financing pressures; ④Intellectual property protection levels  not only positively moderate the direct promotion of green technological innovation by policies  but also enhance the conversion efficiency of R&D investments and mitigate the inhibitory effect  of financing constraints on innovation quality, demonstrating sound institutional synergy. To en⁃ sure the robustness of findings, this study conducted a series of robustness tests, all of which sup⁃ port the above conclusions. This study theoretically advances research on the relationship be⁃ tween industrial policy and green innovation. Empirically, it employs multi-period DID and mod⁃ erated mediation models to reveal the heterogeneity and complex mechanisms through which  supportive policies influence green innovation. Practically, it provides empirical evidence for  governments to optimize policy design, for automotive manufacturers to deeply implement na⁃ tional development strategies through green technological innovation, and for advancing the in⁃ dustry's green and low-carbon transformation and upgrading. It further propels automotive  manufacturers toward high-quality development under the guidance of national policies. 

Key words: support policies for new energy vehicles; automobile manufacturing enterprises; green technology innovation; time-varying DID; moderated mediation effect; green patent；intel⁃ lectual property; research input