Abstract: As a national strategic emerging industry, new energy vehicles have been supported by national subsidy policies. However, although subsidies have continuously increased the scale of the new energy vehicle consumption market, their impact on improving innovation investment and innovation performance of enterprise is not significant. At the same time, due to imperfect assessment mechanisms and rapid technological development and progress in the industry, the promotion effect of the “dual credit” policy on innovation in the new energy vehicle industry has not been fully reflected. Obviously, the new energy vehicle industry is at a critical stage of transformation from policy driven to market driven, and enterprises in the industrial chain are facing severe competition, while capital is the biggest obstacle for enterprises in the development stage.
With the gradual improvement of the green financial system, green credit will become an essential source of funding for innovation in the new energy vehicle industry chain. However, the role of green credit in the innovative behavior of the new energy vehicle industry has not been fully valued and implemented as the subsidy policy. In addition, in the early stages of the development of the new energy vehicle industry, due to the high entry threshold for the battery industry, most vehicle companies choose to purchase batteries from battery factories. As battery technology matures, vehicle companies have become more flexible in their strategies for acquiring batteries. So, what are the R&D innovation effects of green credit vehicle enterprises under the single mode of outsourcing, equity investment and self-research, and the hybrid mode of outsourcing-self research and equity investment-self research, which acquisition mode can better promote R&D and achieve higher returns, and which way can better deal with the declining subsidies for new energy vehicles and the problems of the credit market?
In order to solve the above problems, the article constructs a supply chain game model for different modes of acquiring batteries for automotive enterprises in non-competitive and competitive situations. With the support of green credit, by comparing the innovation effect, decision value, and profit value of each model, the mechanism of the impact of points on new energy vehicle R&D innovation is revealed, and the relationship between the equity financing ratio coefficient, R&D cost sharing coefficient, and R&D innovation investment is clarified. Suggestions for selecting different models in the case of reduced subsidies and low prices are also proposed. Based on comprehensive consideration of actual data and data obtained from game numerical simulation analysis, the research results show that in competitive situations, the innovation effect and supply chain revenue of the new energy vehicle market have both increased significantly. At the same time, cooperation between vehicle companies and battery factories can maximize their own revenue and improve the innovation effect. For automotive companies, the single equity strategy in the absence of competition and the outsourcing strategy in competition can not only maximize their own profits, but also effectively address the current situation of declining subsidies for new energy vehicles and low point prices. In competitive situations, green credit and subsidy policies not only enhance the advantages of competition between new energy vehicles and traditional fuel vehicles, but also accelerate the updating and iteration of technology by promoting competition within the new energy vehicle market. The support of green credit can not only promote investment in R&D and enhance innovation effects, but also help alleviate the negative effects caused by low point prices and declining subsidies. Therefore, the government should actively promote the development of green finance and give full play to its role in promoting new energy vehicle innovation.
The deficiency of this paper is that it is based on the assumption that rival automotive companies develop their own batteries, while in fact, automotive companies may also adopt outsourcing or other hybrid acquisition methods. In a follow-up study, we will further expand the model to explore the impact of changes in the battery acquisition methods of competing automotive companies on the battery acquisition methods of another automotive company. In addition, this article only considers the financing method of green credit. In a follow-up study, we will consider financing models such as supply chain finance and commercial credit, and explore how different financing models affect R&D investment through vehicle enterprise battery acquisition methods, so that we can further improve the research.

Key words: green credit, new energy vehicles, power battery acquisition, R&D innovation

摘要： 在绿色信贷支持下,车企面临着如何获取动力电池才能更好发挥绿色金融促进新能源汽车研发创新的问题。本文分别在无竞争及引入竞争情形时构建了车企采取不同动力电池获取模式下的供应链博弈模型,从供应链角度揭示了积分市场对新能源汽车发展的作用机制,并在补贴退坡、积分售价偏低等情形下对电池获取方式的选择给出了建议。研究结果表明:绿色信贷支持不仅能提高研发主体研发投入,增强不同模式创新效应,而且能够有效缓解补贴退坡及积分售价偏低带来的负效应;竞争使得创新效应及供应链收益均有显著增长;无竞争时的单一入股策略、竞争时的外购策略不仅可以最大化自身收益,还可以有效应对新能源汽车补贴退坡和积分售价偏低等现状。

关键词: 绿色信贷, 新能源汽车, 动力电池获取, 研发创新