车辆购置税优惠对企业技术创新、经营绩效的作用机制——基于新能源汽车企业的实证研究

The mechanism of vehicle purchase tax incentives on technological innovation and business performance of enterprises——based on the empirical research of new energy vehicle enterprises

基于车辆购置税优惠的视角,以2010—2021年中国新能源汽车上市公司的面板数据为样本,从消费端刺激出发,构建双重差分模型,探究车辆购置税优惠政策与新能源汽车企业经营绩效以及技术创新之间的作用机制。结果表明:车辆购置税优惠能够显著提高新能源汽车企业的经营绩效,且车辆购置税优惠能够通过促进新能源汽车企业的技术创新提升企业经营绩效。进一步研究结果表明,车辆购置税优惠对CEO具有金融背景、两职分离、小规模以及民营新能源汽车企业的技术创新激励效果更强。据此,建议政府延续并进一步完善车辆购置税优惠政策,提高优惠政策相关车辆的筛选标准,完善《车辆购置税优惠的新能源汽车车型目录》车辆退出机制,新能源汽车企业在加大研发投入、提高技术创新水平的同时关注公司治理水平的提升。

From the perspective of vehicle purchase tax incentives,taking the panel data of listed Chinese new energy vehicle companies from 2010 to 2021 as samples,and starting from the consumer side stimulus,a double difference model is constructed to explore the mechanism between the preferential policies of vehicle purchase tax incentives and the business performance of new energy vehicle enterprises and technological innovation.The results show that the vehicle purchase tax incentive can significantly improve the business performance of new energy vehicle enterprises,and that the vehicle purchase tax incentives can improve the business performance by promoting the technological innovation of new energy vehicle enterprises.Further research results indicate that the vehicle purchase tax incentive has a stronger incentive effect on CEO’s financial background,the separation of the two positions,and the technological innovation level of smallscale and private new energy vehicle enterprises.Therefore,it is recommended that the government continue and further improve the preferential policies of vehicle purchase tax,increase the screening criteria for vehicles with preferential policies,improve the vehicle exit mechanism of the Catalogue of New Energy Vehicle Models with Preferential Vehicle Purchase Tax,and the new energy vehicle enterprises pay attention to the improvement of corporate governance while increasing research and development investment and improving the level of technological innovation.