Effects Of Vehicle Purchase Tax Incentives On New Energy Vehicle Enterprises Technological Innovation

The development of new energy vehicle industry is important to energy security and environmental protection in China.However,the market share of new energy vehicles is still small compared with fuel vehicles.And the lack of technical innovation level,such as battery,electric machinery and electric control,is one of the main reasons that hinders consumers to adopt new energy vehicles.Promoting the technological innovation of new energy vehicle enterprises is the key to replace fuel vehicles with new energy vehicles.At present,it is urgent to explore whether the tax incentives can replace the subsidy to improve the technological innovation of new energy vehicle enterprises when the subsidy policy is in a declining state.From the perspective of consumption,we regard the vehicle purchase tax incentives as the object and measure the enterprises technological innovation by innovation output and innovation efficiency.Sampling 22 new energy vehicle listed enterprises in China from 2009 to 2018,we construct propensity scores matching with difference-in-differences model to evaluate the effects of vehicle purchase tax incentives on new energy vehicle enterprises technological innovation.Then,we construct a mediation effect model to analyze the mediation effect of vehicle purchase tax incentives on new energy vehicle enterprises technological innovation.And we explore the heterogeneity effect of vehicle purchase tax incentives on new energy vehicle enterprises technological innovation based on the differences of enterprise characteristics and marketization level.Finally,we construct a dynamic effects model to analyze the marginal dynamic effects of vehicle purchase tax incentives on new energy vehicle enterprises technological innovation.The results show that:(1)Vehicle purchase tax incentives can significantly promote the innovation output of new energy vehicle enterprises as a whole,but it has no obvious effect on innovation efficiency of enterprises.(2)Through the two mediation variables of market demand and enterprise monetary capital,vehicle purchase tax incentives can improve the innovation output and innovation efficiency of new energy vehicle enterprises from consumption aspect.And the mediation effect of enterprise monetary capital and market demand on innovation efficiency is greater than that on innovation output.(3)The promoting effect of vehicle purchase tax incentives on innovation output and innovation efficiency of small-scale enterprises is stronger than that of large-scale enterprises,and the promotion on innovation output of nonstate-owned enterprises is stronger than state-owned enterprises.The promotion on innovation output of high growth enterprises is stronger than low growth enterprises,and the promoting effect on innovation output and innovation efficiency of enterprises in high marketization level areas is stronger than that of low marketization level enterprises.(4)The implementation of vehicle purchase tax incentives has obvious marginal effect on innovation output of new energy vehicle enterprises in the short term,but the marginal effect turns from positive to negative in the medium term,and has no obvious marginal effect in the long term.Finally,we raise suggestions from 4 aspects to improve the technological innovation of new energy vehicle enterprises combined with the development status of the new energy vehicle industry and the research results,that is,we should implement multiple policies,clarify the timely exit stage of vehicle purchase tax incentives,optimize the formulation standard of the vehicle purchase tax incentives and improve the declaration and supervision system of innovation incentive policy,which can provide reference for government to encourage the innovation of new energy vehicle industry.