New Energy Vehicle Promotion Policy, Financing Constraints and Green Technology Innovation

Abstract

Abstract: Finding out whether new energy vehicle promotion policies can effectively promote the green technology innovation of enterprises has important strategic significance for China to achieve green and low-carbon transformation. Taking the data of A-share listed companies in China's automobile manufacturing industry from 2009 to 2020 as samples, this paper adopts difference-in-difference model to explore the impact of new energy vehicle promotion policies on green technology innovation of enterprises and the mechanism underlying the impact. The results show that the promotion policies induce the green technology innovation behavior of enterprises, but it is more inclined to substantive green technology innovation. Promotion policies stimulate green technology innovation of enterprises through slow release of financing constraints. At the same time, the optimism of investors can strengthen the mediating effect of financing constraints on the promotion policies and green technology innovation, while CSR fulfillment can only strengthen the moderating effect of the promotion policies on financing constraints. In addition, the promotion policies have a more obvious promoting effect on green technology innovation of non-state-owned enterprises, enterprises with high R&D level and enterprises with high market environment. From the adjustment perspective of investor sentiment and corporate social responsibility, this paper provides new literature and empirical evidence for the mechanism of China's new energy vehicle promotion policies to improve corporate green technology innovation, and provides reference for the government to implement targeted policies and enterprises to effectively carry out green technology innovation.

Key words: new energy vehicle, green technology innovation, financing constraints, investor sentiment, corporate social responsibility

Ren Xiaosong, Sun Sha, Ma Qian, Shao Shuai. New Energy Vehicle Promotion Policy, Financing Constraints and Green Technology Innovation[J]. Management Review, 2024, 36(1): 131-148.

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