购车补贴政策对新能源汽车企业的影响研究——以比亚迪为例
Research on the Impact of Purchase Subsidy Policies on New Energy Vehicle Enterprises—A Case Study of BYD

近年来，为推动新能源汽车产业的发展，我国政府在多个时期推出了购车补贴政策，以激励新能源汽车的普及和创新升级。比亚迪作为国内领先的新能源汽车企业，其销售情况和市场表现深受政策变化的影响。然而，随着补贴政策逐步退坡，新能源汽车行业面临的挑战和机遇也在不断演变。因此，本文以比亚迪汽车为研究对象，结合2019年至今国家五个阶段的购车补贴政策变化，通过数据分析和实证研究探讨不同补贴政策对比亚迪新能源汽车销量和股价波动的影响。研究发现，购车补贴在政策初期显著推动了比亚迪新能源汽车销量的增长，但随着补贴强度的减弱，企业逐渐转向创新驱动发展路径。同时，新能源汽车补贴政策会促进比亚迪新能源汽车销量快速增长，也拉升其股价；而非新能源汽车补贴政策同样也会促进比亚迪新能源汽车的销量增长，但会造成其股价的下跌。本文旨在揭示购车补贴政策对新能源汽车企业的长期影响，为政策制定者及相关企业提供理论支持与实践参考。
In recent years, to promote the development of the new energy vehicle (NEV) industry, the Chinese government has introduced various purchase subsidy policies at multiple stages to encourage the adoption and innovation of NEVs. As a leading NEV enterprise in China, BYD’s sales performance and market dynamics have been significantly influenced by changes in these policies. However, with the gradual phasing out of subsidies, the NEV industry faces both evolving challenges and opportunities. This study focuses on BYD, examining the impact of changes in five stages of national purchase subsidy policies from 2019 to the present through data analysis and empirical research to understand their effects on BYD’s NEV sales and stock price fluctuations. The findings reveal that, in the early phases of subsidy implementation, purchase subsidies significantly drove the growth of BYD’s NEV sales; however, as the subsidy levels decreased, the company gradually shifted toward an innovation-driven development path. Additionally, NEV-specific subsidy policies were found to rapidly boost BYD’s NEV sales and stock price, while non-NEV-specific subsidy policies also contributed to NEV sales growth but led to a decline in stock price. This paper aims to elucidate the long-term impact of purchase subsidy policies on NEV enterprises, providing theoretical support and practical insights for policymakers and related companies.