The relationship between technical innovation and market value: Evidence from the China's new energy vehicles industry

This study provides novel insights to deeply explore the relationship between technical innovation and market value of new energy vehicles (NEVs) industry chains. Firstly, the technical innovation is measured by using Data Envelopment Analysis (DEA). The results show that The technical innovation of NEVs industry chains has shown an upward trend since 2018, midstream of NEVs industry chain performs the highest level of technical innovation, while the upstream industry chain performs the lowest technical innovation. Secondly, fixed effect model is employed to explore the relationship between technical innovation and the market value of NEVs industry. Our findings reveal that technical innovation has a significant positive effect on the market value of NEVs industry. Additionally, our expand research indicates that technical innovation pronounces positive impacts on the market value of both upstream and midstream of NEVs industry chains, with a stronger effect observed in the midstream of NEVs industry chain compared to the upstream. Finally, we demonstrate a significant negative impact of technical innovation on the downstream market value of NEVs industry.