| New energy vehicles occupy an important strategic position in the ecological chain of the manufacturing industry,involving disruptive innovation in key technologies such as high-tech,new materials and new energy.Driven by policies,innovation and demand,the new energy vehicle industry has made great progress,but it still faces the challenge of "climbing uphill and overcoming obstacles".Key core technologies need to be made breakthroughs,and supporting facilities lag behind.In the increasingly fierce competition,individual innovation has been unable to meet the needs of consumers,so it has become a better choice to establish an innovation ecosystem centered on core enterprises.How do different types of financing methods affect the healthy development of the new energy vehicle innovation ecosystem? This one deserves further study.This study uses a combination of case qualitative comparison and industry quantitative analysis to draw conclusions.At the level of qualitative comparison of cases,this study explores the role of financing methods in the innovation ecosystem of catch-up vehicles represented by BYD and leading new energy vehicles represented by Tesla,and summarizes the general rules.Firstly,in terms of financing methods,the catch-up innovation ecosystem has developed from debt financing to debt financing + commercial credit and then to diversified financing methods,while the leading innovation ecosystem has developed from private equity to mainly using debt financing methods.Secondly,it summarizes the architecture of the new energy vehicle innovation ecosystem composed of innovation subjects in the core layer,supporting institutions in the middle layer and innovation environment in the outer layer.Then the study derives the innovation paths.For catch-up enterprises represented by BYD experience "imitation innovation" "independent innovation" "cooperation and independent innovation".For leading enterprises represented by Tesla experience the whole-process innovation path of "cooperation and independent innovation".Thirdly,this paper analyzes the role of financing methods in the development process of innovation ecosystem,and depicts the process diagram of the construction of innovation ecosystem supported by financing methods.Fourthly,this paper analyzes the deep reasons why the two types of corporate financing support the development of innovation ecosystem,and reveals that the catch-up innovative enterprises obtain investors’ trust and financial support based on the process and the leading enterprises based on the ability.At the level of industry quantitative analysis,this study uses financing methods and innovation ecological index system to empirically analyze the universality of the conclusion that financing methods affect the innovation ecosystem of new energy vehicles,so as to strengthen the reliability of the conclusion of the case study.This study empirically analyzes the data of listed NEV companies in China from 2011 to2021 and draws the following conclusions.First,under the same conditions,in terms of the role of financing methods in promoting the innovation ecosystem of new energy vehicles,internal financing is better than external financing,the government subsidy plays the strongest role,followed by equity financing,while the impact of debt financing and commercial credit is not obvious.Second,state-owned listed new energy enterprises should give priority to equity financing and government subsidies,while non-state-owned enterprises should flexibly use equity financing,debt financing,commercial credit and internal financing.Based on the research conclusions at the micro and industry levels,this study puts forward relevant policy suggestions at the macro level.This paper puts forward relevant policy suggestions for the current new energy vehicle innovation ecosystem,which has important reference significance for the selection of financing methods,innovation paths and construction processes of the catch-up and leading innovation ecosystems in the market. |
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