Abstract: Utilize micro data of listed new energy companies in China from 2011 to 2015 and apply regression analysis to examines the relationship among environmental R&D subsidies, environmental R&D investments and corporate environmental performance. The results show that environmental R&D subsidies have a significant effect on the environmental performance, and environmental R&D investments play a mediating role between environmental R&D subsidies and corporate environmental performance. Furthermore, the results also show that environmental R&D subsidies can positively promote environmental R&D investments and corporate environmental performance under strong internal regulation, and the environmental R&D investments can positively promote corporate environmental performance under strong external regulation. When the internal and external regulation facing the company are both strong, the environmental R&D subsidies show the strongest effect on corporate environmental performance. Environmental R&D subsidies have a more significant effect on the environmental performance in the enterprises who face high external regulation and low internal regulation than the enterprises who face low external regulation and high internal regulation.