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E-Commerce Letters 2025
市场驱动机制与创新成果：“双积分”政策对新能源车企的长期效应
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Abstract:
在中国新能源汽车(NEV)行业的发展格局中，从补贴驱动向市场导向政策的转变标志着产业战略的重大转型。“双积分”政策，作为这一新方法的核心，旨在通过整合市场力量进入监管框架，促进行业的可持续增长。本文探讨了中国“双积分”政策对新能源汽车企业长期创新绩效的影响，采用PSM-DID方法分析了2012~2023年沪深A股新能源汽车企业的数据。研究发现，“双积分”政策通过激励企业增加研发投入、优化研发人员结构以及引导企业进行实质性和策略性创新，显著提升了企业的长期创新绩效。进一步异质性分析表明，这种促进效应在东部地区、非国有企业以及机构投资者占比较高的企业中更为突出。研究为完善新能源汽车产业政策提供了重要经验证据和政策启示，并突出了市场机制在驱动可持续创新中的关键角色。
In the evolving landscape of China’s new energy vehicle (NEV) sector, the transition from subsidy-driven to market-oriented policies marks a significant shift in industrial strategy. The “Dual Credit” policy, central to this new approach, aims to foster sustainable industry growth by integrating market forces into the regulatory framework. This study examines the long-term effects of the “Dual Credit” policy on the innovation performance of NEV enterprises listed on the Shanghai and Shenzhen stock exchanges from 2012 to 2023. Utilizing the Propensity Score Matching-Difference in Differences (PSM-DID) methodology, our findings reveal that the policy significantly enhances innovation by encouraging firms to increase R&D investment and restructure their R&D workforce to focus more on substantive and strategic innovations. The analysis further delineates that the impact is more pronounced among non-state-owned enterprises, those in economically advanced regions, and firms with substantial institutional investments, suggesting a market-aligned differentiation in policy impact. These insights provide empirical support for refining NEV policy frameworks and highlight the critical role of market mechanisms in driving sustainable innovation.
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