Exploring the innovation efficiency of new energy vehicle enterprises in China
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ORIGINAL RESEARCH
Exploring the innovation efficiency of new energy vehicle enterprises in China Xin Long Xu1,2 · Hsing Hung Chen3 Received: 29 November 2019 / Accepted: 30 July 2020 © Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract How to utilize human, financial, and material resources reasonably in the technological innovation of new energy vehicles to obtain the maximum benefit with the least investment is an important issue that needs to be solved urgently. This paper employs the stochastic frontier model to analyze the innovation efficiency and its influencing factors of new energy vehicles in China. The investment of innovation is divided into four dimensions: human resource input, R&D input, technology acquirement input and environment support input. The results demonstrate that the mean of innovation efficiency of the new energy vehicle industry is low in general. The Yangtze River Delta and Pearl River Delta regions have the highest innovation efficiency comparable to that of other regions. There is a significant positive impact of asset turnover ratio, per capita compensation of management, and education level on innovation efficiency. The effects of asset-liability ratio and government support on innovation efficiency are not significant. But the government support has a significant positive moderation effect on innovation efficiency through financial factors. Based on the conclusions, this paper proposes insights to promote the development of the new energy vehicle industry. Graphic abstract
Keywords New energy vehicle (NEV) · Innovation efficiency (IE) · Stochastic frontier analysis (SFA) · Principal component analysis (PCA) * Hsing Hung Chen [email protected] 1
College of Tourism, Hunan Normal University, Changsha 410081, China
2
Institutes of Science and Development, Chinese Academy of Sciences, Beijing 100190, China
3
School of Business, Macau University of Science and Technology, Taipa, Macau, China
Abbreviations ALR Asset-liability ratio ATR Asset turnover ratio BEV Battery electrical vehicle DEA Data envelopment analysis DEV Dimethyl ether vehicle Edu Education level FCEV Fuel cell electric vehicle
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Vol.:(0123456789)
X. L. Xu, H. H. Chen
Gov Government support HEV Hydrogen engine vehicle HV Hybrid vehicle IE Innovation efficiency K Capital input NEV New energy vehicle Pay Per-capita compensation of management PCA Principal component analysis PHEVs Plug-in hybrid-electric vehicles RD R&D input SFA Stochastic frontier analysis TA Technology acquisition Y Industrial gross value
Introduction The new energy vehicle industry has an important strategic position in China. In the "13th Five-Year Plan for the Development of National Strategic Emerging Industries," it regards new energy vehicles (NEVs) as a strategic emerging industry to promote its rapid growth, to strengthen its technological innovation, and to form internationally competitive vehicle enterprises and suppliers (Wang et al. 2017). In the past decade, the number of
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