Research on the Influence Mechanism of New Energy Vehicle Promotion Policy

In recent years, China has actively advanced the new energy vehicle industry to achieve its “dual carbon” objectives via a green revolution. The growth of green technical innovation by new energy vehicle enterprises has emerged as a significant national support project, and it has implemented a number of new energy vehicle promotion policies. Therefore, it is essential to investigate if promotional policies encourage the development of green technologies in businesses. China’s 2016 “New Energy Vehicle Promotion Catalogue” serves as the policy’s temporal shock point, and data from Chinese-listed new energy vehicle companies from 2011 to 2022 are used in this study. The effect and mechanism of the new energy vehicle promotion strategy on developing green technologies in businesses are investigated using a double difference model. As per the research, the promotion policy substantially enhances the green technological innovation of new energy vehicle firms. It can augment the level of R&D investment and alleviate financing constraints for enterprises, and enterprises’ social responsibility can act as a positive moderator for the promotion policy and enterprise green technological innovation. Finally, it has a more apparent positive impact on the green technological innovation of major companies and non-state-owned enterprises compared to state-owned firms. Additionally, it is more evident that enterprises are raising green technology innovation in the eastern and central regions.