The impact of business support measures on the international activities of Chinese enterprises Evidence from the NEV Complete-Vehicle manufacturing industry

Abstract This thesis investigates how business support measures affect the international activities of Chinese enterprises, using the new energy vehicle (NEV) complete-vehicle manufacturing industry as its primary case study. Moving beyond conventional export-centric analyses, this research reconceptualizes "international activities" as a multi-dimensional construct encompassing export intensity, overseas operational footprint, and localization depth. Based on a balanced firm-year panel of 12 major Chinese NEV manufacturers from 2018 to 2024, the study employs two-way fixed effects and FE-IV/2SLS models to address endogeneity concerns. The empirical results reveal a stable, significantly positive association between the absorption of business support and firms' international activity. Mechanism tests further identify four transmission channels: scale expansion, innovation upgrading, liquidity buffering, and service-network capability enhancement. A comparative case study of BYD and SAIC illustrates the heterogeneity of policy translation. While SAIC demonstrates stronger established overseas operational breadth, BYD exhibits superior strategic momentum for the next phase of NEV-centered globalization, attributed to its vertical integration, R&D intensity, and lower exposure to EU trade remedies. The thesis concludes that business support measures create enabling conditions rather than automatically guaranteeing success; firm-level strategy and organizational capability ultimately determine the conversion of policy inputs into durable international competitiveness. Accordingly, policy recommendations advocate for a gradual shift from broad market stimulus toward targeted, transparent, and service-oriented instruments that facilitate the transition from export-led growth to resilient global operations. Keywords: business support measures; international activities; new energy vehicles (NEVs); Chinese manufacturing; BYD; SAIC; firm heterogeneity; policy mix摘要 本论文以新能源汽车（new energy vehicle, NEV）整车制造产业为核心案例研究对象，探讨商业扶持措施对中国企业国际化经营活动的影响。本研究突破传统以出口为核心的分析范式，将“国际化经营活动”重新概念化为包含出口强度、海外运营布局与本土化深度的多维构念。 本研究基于2018至2024年中国12家主流新能源汽车制造商的平衡企业年度面板数据，采用双向固定效应模型与FE-IV/2SLS工具变量模型处理内生性问题。实证结果表明，企业获取商业扶持措施与其国际化经营活动之间存在稳定且显著的正向关联。机制检验进一步识别出四大传导路径：规模扩张、创新升级、流动性缓冲与服务网络能力提升。 本研究通过对比比亚迪（BYD）与上汽集团（SAIC）的案例，阐释了政策实施的异质性。上汽集团已构建起覆盖范围更广的成熟海外运营网络，而比亚迪则凭借垂直一体化布局、高强度研发投入以及更低的欧盟贸易救济措施暴露度，展现出引领新能源汽车全球化下一阶段发展的强劲战略动能。 本论文指出，商业扶持措施仅能创造有利经营条件，而非自动保障企业经营成功；企业层面的战略选择与组织能力，最终决定了政策投入能否转化为可持续的国际竞争力。据此，本研究提出政策建议：应逐步从宽泛的市场刺激政策转向精准化、透明化且服务导向的政策工具，助力企业从出口导向型增长转向韧性更强的全球经营模式。 关键词：商业扶持措施；国际化经营活动；新能源汽车（NEVs）；中国制造业；比亚迪（BYD）；上汽集团（SAIC）；企业异质性；政策组合