Robustness checks after replacing core variables.

Financial subsidies and tax incentives play essential roles in the innovation efficiency of enterprises. This paper selects Chinese listed NEV enterprises from 2010 to 2022 as a research sample and investigates various impacts under various circumstances. We find that both financial subsidies and tax incentives can promote the innovation efficiency of NEV enterprises. Compared to financial subsidies, tax incentives are more effective; the interaction between financial subsidies and tax incentives has a weaker impact on the innovation efficiency of NEV enterprises. Both financial subsidies and tax incentives have more potent innovation effects on enterprises with higher financing constraints. In addition, financial subsidies and tax incentives have a stronger innovation efficiency effect on private enterprises than state-owned enterprises. Further research shows that marketization and market distortion affect the innovation efficiency of NEV enterprises. This study provides a new perspective for understanding the effects of financial subsidies, tax incentives, and innovation efficiency of NEV enterprises, and the conclusions and suggestions are relevant references for the government to improve the quality of policy-making.

财政补贴与税收优惠对企业创新效率具有关键作用。本文以2010-2022年中国上市新能源汽车（NEV）企业为研究样本，考察不同情境下二者的多重影响效应。研究发现，财政补贴与税收优惠均能提升新能源汽车企业的创新效率；相较于财政补贴，税收优惠的激励效果更为显著，而二者的交互项对企业创新效率的影响则相对较弱。财政补贴与税收优惠对融资约束程度较高的企业，其创新激励效应更为显著。此外，相较于国有企业，财政补贴与税收优惠对民营企业的创新效率提升作用更强。进一步研究表明，市场化程度与市场扭曲程度同样会对新能源汽车企业的创新效率产生影响。本研究为理解财政补贴、税收优惠与新能源汽车企业创新效率的作用机制提供了全新视角，研究结论与政策建议可为政府提升政策制定质量提供有益参考。