Taking new energy vehicle (NEV) listed enterprises from 2010 to 2018 as a research sample, this paper empirically analyzes the innovative impact of VC on NEV enterprises by applying the difference-in-difference (DID) model. The results indicate that the intervention of VC has a positive and significant impact on the green technological innovation in NEV enterprises, an impact which is reflected in a significant increase in the number of green invention and green utility model patent applications. Compared with state-owned NEV enterprises, VC plays a more significant role in promoting the green technological innovation of private and foreign NEV enterprises. In the NEV industry chain, VC has significantly promoted green technological innovation of upstream and midstream NEV enterprises. From the perspective of VC, it also finds that, compared with independent and local VC, it is the syndicated and non-local VC that have a more positive and significant impact on green technological innovation in the NEV enterprises. Besides, the high-reputation of VC has not had an “incubating” effect on green technological innovation in NEV enterprises.

Purchase subsidy has been adopted to accelerate the diffusion of New Energy Vehicles (NEVs) in China. With a Multi-stage Difference-in-Differences (DID) method, this research investigates the impact of purchase subsidy on Research and Development (R&D) efforts of NEV enterprises. The results indicate that purchase subsidy for NEVs has a positive and significant impact on R&D efforts of NEV enterprises. The impact increases when the purchase subsidy rate decreases. When considering the influences of government procurement and exemption on purchase tax, the positive impact of purchase subsidy still remains significant. The policy implications are that the purchase subsidy rate should be reduced, and stricter technological requirements should be set to couple with the purchase subsidy.

Government subsidies (GSs) have triggered a remarkable increase in the production capacity of photovoltaic (PV) electricity in China. However, the lack of core technologies has limited PV enterprises’ competitiveness in the global market. This research investigates the impacts of R&D subsidies and non-R&D subsidies on the innovation in PV enterprises. With samples of Chinese listed PV enterprises from 2010 to 2019, this study finds R&D subsidies exert a notable positive impact on the innovation in PV enterprises. In small and medium enterprises (SMEs) and enterprises without state-owned shares, both R&D subsidies and non-R&D subsidies have positive impacts on the innovation. Considering the policy orientation, R&D subsidies granted under demand-orientation policies promote the innovation in PV enterprises. The government should increase the amount of R&D subsidies, optimize the R&D subsidies’ evaluation mechanism, and reasonably grant R&D subsidies from the demand side.