“双碳”背景下政府补贴能否促进企业创新绩效？——基于新能源汽车行业的实证研究

Can Government Subsidies Promote Corporate Innovation Performance under the “Dual Carbon” Goals?—An Empirical Study Based on the New Energy Vehicle Industry

摘要: 在“双碳”战略下，政府补贴对新能源汽车企业创新绩效的作用机制与异质性特征成为关键议题。本文基于2003~2023年该行业上市公司面板数据，构建固定效应模型进行实证检验。研究发现：第一，政府补贴显著提升企业创新绩效，该效应在控制内生性及一系列稳健性检验后依然成立；第二，机制检验表明，补贴通过改善ESG表现、缓解融资约束及增强研发投入三条路径推动创新；第三，异质性分析显示，补贴对国有企业、中西部地区企业及大型企业的创新激励效应更强。本研究为新能源汽车产业政策优化提供了经验证据与政策启示。

Abstract: Under the “dual carbon” strategy, government subsidies’ mechanism and heterogeneity on the innovation performance of new energy vehicle (NEV) enterprises have become critical issues. Using panel data of Chinese listed NEV companies from 2003 to 2023, this study employs a fixed-effects model for empirical testing. The results show that: first, government subsidies significantly improve corporate innovation performance, an effect that remains robust after addressing endogeneity and conducting robustness checks; second, subsidies promote innovation through improving ESG performance, alleviating financing constraints, and increasing R&D investment; third, heterogeneity analysis reveals that subsidies have a stronger incentive effect on state-owned enterprises, firms in central and western regions, and large enterprises. This study provides empirical evidence for optimizing NEV industrial policy.