Does the dual-credit policy promote the technological development of new energy vehicles? An industry chain reconstruction perspective.

With the deep application of automation and digitalization technologies, the global automobile value chains are undergoing a new round of large-scale restructuring, and the traditional supply chain structure taken vehicle manufacturers as the core has been broken. The dual-credit policy (DCP), taking over the subsidies for new energy vehicles (NEVs), plays a vital role in reconstructing, transforming, and upgrading the automobile industry. The target group of DCP is passenger vehicle manufacturers, but it is unclear how its implementation will affect the NEV industry chain. To address this issue, this study examined the impact of the DCP on the innovation performance of automobile manufacturing enterprises using a DID (difference-in-difference) model based on the data of 693 listed advanced manufacturing enterprises in China A-shares from 2014 to 2021. The empirical results show that the DCP has significantly promoted the innovation performance of automobile manufacturing enterprises. In terms of supply chain role heterogeneity, the impact of the DCP on the innovation performance of parts manufacturers is more significant. Regarding enterprise ownership heterogeneity, the DCP has a greater impact on the innovation performance of SOEs(state-owned enterprises). In addition, regarding regional heterogeneity, enterprises in eastern and middle regions are significantly affected by the DCP to improve innovation performance.