Financial subsidies, tax incentives, and new energy vehicle enterprises’ innovation efficiency: evidence from Chinese listed enterprises

In this paper, we collect 603 NEV listed enterprises of China stockmarket from 2010-2022 are collected and match the financial data in the CSMAR database. The main reasons are as follows:First, compared with small and medium-sized enterprises, the financial data of listed enterprises is more transparent and has higher credibility. Second, China has been promoting the NEV industry since 2009, and data from 2010 to present could better reflect the innovation effect of financial subsidies and tax incentives in the long run. Finally, we not only consider the entire vehicle production of new energy vehicles, but also include upstream and downstream enterprises in the NEV industry chain to reflect the effect as much as possible.

本文选取并收集了2010-2022年中国证券市场共计603家新能源汽车（NEV）上市企业，并将其与国泰安（CSMAR）数据库中的财务数据进行匹配。本文选取该样本的主要原因如下：其一，相较于中小企业，上市企业的财务数据透明度更高、可信度更强；其二，我国自2009年起便持续推动新能源汽车产业发展，选取2010-2022年的样本能够更长期地反映财政补贴与税收优惠的创新激励效应；其三，本文不仅纳入新能源汽车整车生产企业，还覆盖新能源汽车产业链上下游的相关企业，尽可能全面地体现政策的实际影响。