Dual-credit Policyand Business Performance of New Energy Vehicle Enterprises: a Quasi-Natural Experiment

Based on the panel data of 27 listed new energy vehicle enterprises in China from 2013 to 2020, this paper takes advantage of the opportunity of the "dual-credit policy" to investigate the impact of the implementation of the "dual-credit policy" on the business performance of new energy vehicle enterprises using the difference-in-differences model. The findings are as follows: (1) The "dual points" policy significantly improves the operating performance of listed new energy vehicle companies, which is still valid in a series of robustness tests; (2) The "dual-credit policy" can improve the business performance of enterprises by increasing their R&D investment and car sales; (3) The nature of enterprise ownership, enterprise scale and the implementation time of the "dual-credit policy" will have an important impact on the policy effect.