The Impact of Foreign Entry on Innovation of New Energy Vehicle Firms——Evidence from Tesla's Gigafactory Entering China
Taking the deregulation of foreign investment in the automotive industry and the entry of Tesla's Gigafactory into China in 2018 as the landmark events,this study conducts a quasi-natural experiment based on the data of listed companies in China's manufacturing industry from 2013-2021,and systematically evaluates the impact of foreign entry on the innovation behavior of local new energy automobile enterprises and the mechanism of the role of Tesla's entry with the use of the difference in-difference(DID)model.The study shows that foreign entry has a significant promotion effect on the innovation ability of China's new energy vehicle(NEV)enterprises,and this conclusion still holds after a series of robustness tests.Mechanism analysis finds that foreign entry strengthens its impact on the innovation of local NEV enterprises mainly through spillover effects and competition effects.Heterogeneity analysis finds that there are significant differences in the impact of foreign entry on firms with different geographic locations,industrial chain locations,sizes and ownership natures.In addition,the extended analysis finds that the lower the level of financing constraints and the higher the level of business environment,the more it promotes the positive impact of foreign entry on firms'innovation.This study helps to clarify the impact of foreign capital liberalization on firms'innovation in the automotive industry,which is of policy significance for realizing the healthy development of China's NEV market.
NETL
NSTL
万方数据
