Research On The Impact Of Green Credit On The Innovation Performance Of New Energy Vehicle Enterprises Under The Background Of Subsidy Back-Off Policy

The Fourth Plenary Session of the Nineteenth Central Committee emphasized the modernization of the national governance system and governance capabilities,and put forward new requirements for the policy formulation of the new energy vehicle industry in the construction of ecological civilization.Since new energy vehicles industry is a national strategic emerging industry,its subsidy policies supported by government has received much attention from the community.This paper reviews the research results about new energy vehicle industry’s subsidy back-off policy,green credit development process and innovation performance,and systematically sorts out the development status of new energy vehicle companies and their green credit,and the performance of new energy vehicle companies’ green credit and innovation performance after the introduction of the subsidy back-off policy.On this basis,this paper explores the impact of green credit on the innovation performance of new energy vehicle companies combined with capital accumulation,innovation compensation and signal theory,and analyze the influence mechanism of the relationship among subsidy back-off policy,green credit and innovation performance from the perspective of fund accumulation,capital transmission,information open source and policy incentives.Then taking quarterly data of 63 new energy vehicle listed companies as a sample,considering property rights and regional heterogeneity,through the adjustment effect model,empirically test the relationship between green credit and innovation performance and the retreat policy.Subsequently,combined the empirical results with the overall status of the new energy vehicle industry.The study found that green credit has a role in improving the innovation performance of new energy vehicle companies;under the subsidy back-off policy,the positive impact of green credit on innovation performance has been strengthened;the impact is not limited by the nature of property rights and regional differences.Finally,made suggestions of the industry support subsidy policy formulation,and the new energy vehicle industry companies’ response to policy changes.The research provides empirical evidence to prove the role of green credit in promoting innovation performance and the role of subsidy back-off policies in creating a good business environment,and lays a theoretical foundation for promoting enterprises to implement green credit and adapt to subsidy back-off policies.