Entering the promotion catalogue is the basis for China’s new energy vehicle (NEV) enterprises to obtain promotion subsidies. Using a multistage difference-in-differences (DID) model with a sample of listed NEV enterprises in China from 2008 to 2017, this paper empirically analyzes the impact of entering the promotion catalogue on the innovation of NEV enterprises. The results indicate that entering the promotion catalogue can significantly promote innovation of NEV enterprises from the perspective of radical innovation, incremental innovation, and external technology introduction of NEV enterprises. In the mediation mechanism examination, this study finds that entering the promotion catalogue promotes innovation in NEV enterprises by increasing corporate profits and easing financing constraints. Based on the conclusions above, this paper recommends to strengthen core technology breakthrough of NEVs, cultivate market demand of NEVs industry, and improve subsidy supervision system of NEVs.
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