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Keywords

supply chain concentration; dual innovation strategy; government support; corporate financial perform-ance; fuzzy-set qualitative comparative analysis

Abstract

Currently, China’s new energy vehicle industry still faces problems such as insufficient market competitiveness and weak research and development innovation capabilities. The development of the new energy vehicle industry is a necessary path for China to become a strong automobile country. Improving the financial performance of enterprises in the new energy vehicle industry chain is of great significance for promoting the rapid development of the new energy vehicle industry. In order to identify the key paths that affect the financial performance of enterprises in the new energy vehicle industry chain, this paper takes listed companies in the A-share new energy vehicle industry chain from 2013 to 2022 as research samples, and deeply explores the impact of customer concentration, supplier concentration, exploratory innovation strategy, exploitative innovation strategy, government support, and the synergistic linkage of these factors on the financial performance of enterprises in the new energy vehicle industry chain. Using the fuzzy set qualitative comparative analysis method ( fsQCA) , the paper explores the improvement and inhibition paths of financial performance of new energy vehicle industry chain enterprises. The research results show that a single factor is not a necessary condition for high or low financial performance of new energy vehicle industry chain enterprises, and the synergistic effect of multiple factors is the optimal choice. There are two types of configuration paths for driving the financial performance improvement of enterprises in the new energy vehicle industry chain: the dual dominant model of customer and exploratory innovation, and the utilization innovation model under government support and customer leadership. These two configuration paths indicate that higher customer concentration can greatly improve the financial performance of new energy vehicle industry chain enterprises, and whether to adopt a utilization based innovation strategy or an exploratory innovation strategy needs to be comprehensively considered according to the specific situation of the enterprise. There are two types of configuration paths to suppress the improvement of financial performance of enterprises in the new energy vehicle industry chain: supplier led and supply chain and government supported dual imbalance. These two configuration paths indicate that lower customer concentration will greatly affect the financial performance of new energy vehicle industry chain enterprises. At this time, only utilizing innovation without focusing on exploratory innovation will further inhibit the growth of enterprise financial performance. Therefore, new energy vehicle industry chain enterprises cannot choose supply chain relationships and innovation strategies based on a single dimension, and need to comprehensively evaluate multiple aspects to select the ‘ optimal solution’ . The research results not only enrich the literature on the financial performance of enterprises in the new energy vehicle industry chain, but also provide reference for the government to actively participate in the construction of the new energy industry, and for new energy vehicle industry chain enterprises to choose appropriate innovation strategies and supply chain relationships to improve their financial performance. This will help new energy vehicle industry chain enterprises improve their financial performance, promote the development of the new energy vehicle industry, and assist China in moving towards a strong automotive country.

DOI

10. 16315/j. stm. 2025. 01. 003

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