Research On The Impact Of Dual-Credit Policy On The Performance Of Listed Automobile Companies

Since 2009,China has become the world’s largest automotive consumer market,which has brought severe pressure on China’s environment and energy.In order to promote energy conservation and emission reduction in the automotive industry and encourage the development of the new energy vehicle industry,China has borrowed the CAFE Fuel Economy Regulations and the ZEV Regulatory from the United States.On April 1,2018,"Measures for the Parallel Management of Volume and New Energy Vehicle Credits" was officially implemented.The government hopes to compulsively promote new energy vehicles and energy-saving fuel vehicles by stipulating the production ratio of new-energy vehicles and automotive technology thresholds for all passenger vehicle companies R&D and production,and through the establishment of points trading market,through the point transaction proceeds to replace government subsidies,and further complete the market-oriented changes in the automotive industry policy.The key to evaluating the efficacy of an industrial policy is that the policy intention can be realized at the level of corporate practice.This paper uses a combination of literature analysis,theoretical model analysis,and empirical analysis to analyze and test the effect of the Dual-credit Policy at the micro-enterprise level.The conclusions of this paper are as follows:First,the results of theoretical models and empirical analysis prove that the Dual-credit Policy has a significant negative impact on the performance of passenger car automobile enterprises.Second,based on the results of theoretical models and empirical analysis,one of the reasons for the falling performance is attributed to the additional R&D investment due to the mandatory requirements of the Dual-credit Policy on the level of research and development.Last but not least,after empirical analysis of the nature of passenger car companies,we can see that the Dual-credit Policy has a more significant negative impact on the performance of state-owned enterprises than that on private enterprises.By interpreting the policy,constructing a theoretical model,and conducting an empirical test,we know that the Dual-credit Policy,as an important policy instead of a subsidy policy,may have a profound impact on the automotive industry.From the perspective of policy regulations and implementation goals,the Dual-credit Policy compulsively requires traditional fuel car manufacturers and new energy manufacturers to make technological improvements,which are conducive to energy conservation,emission reduction and sustainable development of the transportation industry.But for the automobile manufacturing industry,it is far from easy to make technological improvements.The increasing cost of a car manufacturer to achieve“extruding more miles from a gallon of gasoline" leads to a decline in the performance of passenger car companies.In the context of subsidy subsidence,auto companies face greater pressure.As the goal of promoting industrial energy conservation and emission reduction cannot be achieved in one day,new industrial policies should be continuously improved during the implementation process.Based on the above investigations,the government should(1)improve subsidy measures and gradually realize the marketization of the automotive industry;(2)implement the double-point policy in place and under effective supervision;(3)Ensure the smooth operation of China’s new energy vehicle points trading system;(4)Ensure corresponding policy recommendations such as the coordinated development of the new energy vehicle industry chain for a more effective implementation of the policy.