Fig 1.
2011–2022 China’s NEV production and sales.
(Source: Based on the data published by the Chinese Automobile Industry Association).
Table 1.
Interaction of financial subsidies and tax incentives on R&D.
Fig 2.
Theoretical model.
Table 2.
Description of variables.
Table 3.
Descriptive statistical results.
Table 4.
Baseline regression results.
Table 5.
Heterogeneity analysis of financing constraints.
Table 6.
Heterogeneity analysis of enterprise ownership.
Table 7.
The endogeneity test(IV) results.
Table 8.
Robustness checks after replacing core variables.
Table 9.
The regression results of marketization.
Table 10.
The regression results of the market distortion.