The Impact of Economic Systems and Financial Systems on New Energy Vehicle Industry

Research Article
Open access

The Impact of Economic Systems and Financial Systems on New Energy Vehicle Industry

Yilin Li 1*
  • 1 Beijing Technology and Business University    
  • *corresponding author 1811581106@mail.sit.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/33/20231622
AEMPS Vol.33
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-087-5
ISBN (Online): 978-1-83558-088-2

Abstract

In the contemporary world, energy security and environmental protection are issues of significant concern for governments and citizens alike. New energy vehicles (NEVs) offer solutions to both of these pressing challenges. Hence, their development and innovation status are particularly noteworthy. The purpose of this paper is to compare the impacts of different economic systems and financial systems in the United States and China on the innovation and improvement of the NEV industry. Furthermore, the conclusions will be extended to a broader range of industries to delve to the relevance between institutions and technological innovation. This paper mainly compares the influence of economic systems on business activities, the differences in government policies under different systems, and the impact of financial systems on corporate financing and listing. It finds that the most suitable environment for the development of technology innovation industries is an open market economy and a sound economic system.

Keywords:

economic systems, financial systems, new energy vehicle industry, corporate innovation

Li,Y. (2023). The Impact of Economic Systems and Financial Systems on New Energy Vehicle Industry. Advances in Economics, Management and Political Sciences,33,162-170.
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References

[1]. Williamson, C. R., Mathers, R. L.: Economic freedom, culture, and growth. Public choice, 148, 313-335 (2011).

[2]. Paldam, M.: Economic freedom and the success of the Asian tigers: an essay on controversy. European Journal of Political Economy, 19(3), 453-477 (2003).

[3]. Acemoglu, D., Aghion, P., Zilibotti, F.: Distance to frontier, selection, and economic growth. Journal of the European Economic association, 4(1), 37-74 (2006).

[4]. Aghion, P., Howitt, P., Mayer-Foulkes, D.: The effect of financial development on convergence: Theory and evidence. The quarterly journal of economics, 120(1), 173-222 (2005).

[5]. Brown, J. R., Martinsson, G., Petersen, B. C.: Law, stock markets, and innovation. The Journal of Finance, 68(4), 1517-1549 (2013).

[6]. Nanda, R., Rhodes-Kropf, M.: Investment cycles and startup innovation. Journal of financial economics, 110(2), 403-418 (2013).

[7]. Sierzchula, W., Bakker, S., Maat, K., Van Wee, B.: The influence of financial incentives and other socio-economic factors on electric vehicle adoption. Energy policy, 68, 183-194 (2014).

[8]. Polzin, F., Migendt, M., Täube, F. A., von Flotow, P.: Public policy influence on renewable energy investments—A panel data study across OECD countries. Energy policy, 80, 98-111 (2015).

[9]. Zhou, Y., Wang, M., Hao, H., Johnson, L., Wang, H., Hao, H.: Plug-in electric vehicle market penetration and incentives: a global review. Mitigation and Adaptation Strategies for Global Change, 20, 777-795 (2015).

[10]. Breetz, H. L., Salon, D.: Do electric vehicles need subsidies? Ownership costs for conventional, hybrid, and electric vehicles in 14 US cities. Energy Policy, 120, 238-249 (2018).

[11]. Li, H., Qi, H., Cao, H., & Yuan, L.: Industrial Policy and Technological Innovation of New Energy Vehicle Industry in China. Energies, 15(24), 9264 (2022).

[12]. Liu, L., Zhang, T., Avrin, A. P., Wang, X.: Is China's industrial policy effective? An empirical study of the new energy vehicles industry. Technology in Society, 63, 101356 (2020).

[13]. Hayek, F. A.: The road to serfdom: text and documents--the definitive edition (Vol. 2). University of Chicago Press (2009).

[14]. Sen, A.: Development as freedom. Oxford Paperbacks (2001).

[15]. Liu, J. H., Meng, Z.: Innovation model analysis of new energy vehicles: taking Toyota, Tesla and BYD as an example. Procedia engineering, 174, 965-972 (2017).


Cite this article

Li,Y. (2023). The Impact of Economic Systems and Financial Systems on New Energy Vehicle Industry. Advances in Economics, Management and Political Sciences,33,162-170.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN:978-1-83558-087-5(Print) / 978-1-83558-088-2(Online)
Editor:Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.33
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. Williamson, C. R., Mathers, R. L.: Economic freedom, culture, and growth. Public choice, 148, 313-335 (2011).

[2]. Paldam, M.: Economic freedom and the success of the Asian tigers: an essay on controversy. European Journal of Political Economy, 19(3), 453-477 (2003).

[3]. Acemoglu, D., Aghion, P., Zilibotti, F.: Distance to frontier, selection, and economic growth. Journal of the European Economic association, 4(1), 37-74 (2006).

[4]. Aghion, P., Howitt, P., Mayer-Foulkes, D.: The effect of financial development on convergence: Theory and evidence. The quarterly journal of economics, 120(1), 173-222 (2005).

[5]. Brown, J. R., Martinsson, G., Petersen, B. C.: Law, stock markets, and innovation. The Journal of Finance, 68(4), 1517-1549 (2013).

[6]. Nanda, R., Rhodes-Kropf, M.: Investment cycles and startup innovation. Journal of financial economics, 110(2), 403-418 (2013).

[7]. Sierzchula, W., Bakker, S., Maat, K., Van Wee, B.: The influence of financial incentives and other socio-economic factors on electric vehicle adoption. Energy policy, 68, 183-194 (2014).

[8]. Polzin, F., Migendt, M., Täube, F. A., von Flotow, P.: Public policy influence on renewable energy investments—A panel data study across OECD countries. Energy policy, 80, 98-111 (2015).

[9]. Zhou, Y., Wang, M., Hao, H., Johnson, L., Wang, H., Hao, H.: Plug-in electric vehicle market penetration and incentives: a global review. Mitigation and Adaptation Strategies for Global Change, 20, 777-795 (2015).

[10]. Breetz, H. L., Salon, D.: Do electric vehicles need subsidies? Ownership costs for conventional, hybrid, and electric vehicles in 14 US cities. Energy Policy, 120, 238-249 (2018).

[11]. Li, H., Qi, H., Cao, H., & Yuan, L.: Industrial Policy and Technological Innovation of New Energy Vehicle Industry in China. Energies, 15(24), 9264 (2022).

[12]. Liu, L., Zhang, T., Avrin, A. P., Wang, X.: Is China's industrial policy effective? An empirical study of the new energy vehicles industry. Technology in Society, 63, 101356 (2020).

[13]. Hayek, F. A.: The road to serfdom: text and documents--the definitive edition (Vol. 2). University of Chicago Press (2009).

[14]. Sen, A.: Development as freedom. Oxford Paperbacks (2001).

[15]. Liu, J. H., Meng, Z.: Innovation model analysis of new energy vehicles: taking Toyota, Tesla and BYD as an example. Procedia engineering, 174, 965-972 (2017).