With the advancement of global technological revolution and the vigorous development of digital technology, international competition is becoming increasingly severe. China's manufacturing industry is facing unprecedented development opportunities and challenges, especially in the strategic emerging industries such as new energy vehicles. If transformation and upgrading cannot be achieved, it will be stuck at the low end of the global value chain without the ability to achieve a higher level of added value. How to improve enterprise performance is an urgent problem that academia and practitioners need to solve. Many studies have pointed out that industrial policy is an important exogenous incentive to improve enterprise performance, and business model design is also regarded as an important driving factor to create value and improve enterprise performance in an increasingly complex and rapidly changing situation. Meanwhile, a sound institutional environment has laid a legal foundation for the emergence of new business models. Therefore, it is of great value in both theory and practice to analyze the mechanism and multiple paths of enterprise performance improvement based on industrial policies and business model design.#br#Sample data selection is mainly based on the "Industry Classification Results of Listed Companies in the Second Quarter of 2021" issued by the China Securities Regulatory Commission. The auto manufacturing industry is selected, and samples of new energy vehicle startups are selected from the East Wealth Choice Database. How to match industrial policy with business model design to improve enterprise performance is an urgent problem to be solved. The mixed method of NCA and fsQCA is used to study 89 new energy enterprises to find out the multiple paths that lead to high/low enterprise performance of specific enterprises, and explore the specific impact of multi-factor combination on enterprise performance.#br#The research finds that(1)A single factor does not constitute a necessary condition to cause high/low enterprise performance in a specific enterprise.(2)Both high/low levels of government subsidies can contribute a high level of enterprise performance. Both high/low levels of tax incentives can produce high level of enterprise performance. But a low level of cheap credit is not associated with a low level of enterprise performance.(3)There may be synergies between different business model design, and the synergy between novel and efficient business model design plays a key role in achieving high levels of enterprise performance.(4)The different matching methods of three industrial policy tools and two types of business model design determine the high or low levels of enterprise performance, and the combination of high levels of government subsidies, high levels of tax incentives, and novel business model design conditions, or the matching of high levels of low interest loans, high levels of tax incentives, and efficient business model design conditions will lead to high levels of enterprise performance.#br#In summary, from the dual perspectives of industrial policy and business model design, this paper explores the mechanism and multiple paths of performance improvement of new energy vehicle enterprises, providing a new perspective for the study of enterprise performance. It focuses on the effects of different combinations of industrial policy tools, business model design and other factors on enterprise performance to explain why there are different results of enterprise performance under the same policies and the same type of business model design, which is conducive to enriching the evaluation of industrial policy effect and the research on the typology of business model design. With respect to the research methods, this paper uses the mixed method of NCA and fsQCA to analyze the path that contributes to the performance improvement of specific enterprises and the path that fails; it further emphasizes the importance of research on the coupling relationship among industrial policy tools, business model design types, resource capabilities and technological innovation based on configuration theory, and explores the complementarity and substitution among factors, which has positive significance for promoting the development of research on the necessary and sufficient relationship between industrial policy, business model design and enterprise performance.#br#
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