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.