Traditional energy transformation is widely concerned as a result of the growing environmental problems. As a mature industry in the new energy sector, the photovoltaic industry has become an important guarantee for the realization of the “double carbon” goal. This study uses samples of Chinese listed PV companies from 2014 to 2020 to investigate the impact of the energy policies on innovative performance.

The results demonstrate that:

(1) The government subsidy promotes innovative performance, and R&D input keeps a mediating character;

(2) This promotion effect of is stronger in the “high exterior regulation-high interior regulation” context;

(3) This promotion effect is stronger in the three strategic development regions;

(4) Environmental regulations have a negative moderating role between the government subsidy and R&D input.