Research On The Influence Of "Non-Subsidy" Policy On R&D Investment Of China’s New Energy Vehicle Enterprises

China’s subsidy policy has promoted the expansion of the production and marketing scale of new energy vehicles(NEVs)in the short term,but the problems of lacking core technology and high-end products are still very prominent.The innovation incentive effect of the subsidy policy is very limited.Therefore,under the background of“subsidy decline” of NEVs in China,it is necessary to strengthen the implementation of the non-subsidy policy to reduce the subsidy dependence and effectively stimulate the R&D investment of NEV enterprises.This study takes listed companies of NEVs manufacturing enterprises in China as research samples,and considers the differences in the political connection and marketization level of NEV enterprises.On the one hand,from two dimensions of significance and agility,the panel vector auto regression(PVAR)model is used to compare the effects of“non-subsidy” policies in the production and consumption links on R&D investment of NEV enterprises.On the basis of this,analyzing the advantages and disadvantages of “non-subsidy” policies in the two links.On the other hand,the propensity score matching method(PSM)is used to analyze the difference of the “non-subsidy” policy mechanism in the production and consumption links on the R&D investment of NEV enterprises,so as to improve the precision of policy implementation.The results show that the “non-subsidy” policy in the production link promotes the R&D investment of NEV enterprises with higher significance and stronger agility,and can promote the increase of vehicle enterprises’ R&D investment to a greater extent and more quickly.The difference of political connection of NEV enterprises has an impact on the implementation effect of “non-subsidy” policies in the production and consumption links.For enterprises with low political connection,the promotion effect of the production policy on R&D investment is relatively better.For the enterprises with high political connection,the promotion effect of the consumption policy on R&D investment is relatively better.More specifically,the production policy mainly promotes the increase of R&D investment by improving the market power of NEV enterprises,and the political connection of enterprises has a significant moderating effect.The consumption policy mainly promotes the increase of R&D investment by expanding market scale,and marketization level plays a significant moderating effect.The paper shows the management enlightenment from the following two aspects: in terms of enterprise management strategy optimization,the future policy formulation of China’s NEV “non-subsidy” policy should focus on the production link,forcing vehicle enterprises to increase their R&D investment,and implementing classification guidance for NEV enterprises with different political connection and marketization level.In terms of business environment optimization,the NEV “non-subsidy”policy should be implemented in conjunction with the market mechanism.By expanding scale and improving quality,we will increase the R&D investment of enterprises from both the market scale and market power,and promote the innovative development of the NEV industry.