The contradiction between the continuous investment of China''s industrial policy and the difficulty of photovoltaic companies to break through the bottleneck of their own core technological innovation urgently requires theoretical research. 41 photovoltaic companies in Shanghai and Shenzhen A-shares were selected as research objects. Based on the analysis of 285 photovoltaic industry policies issued by Chinese government departments, the panel data model is established for the time span of 2009-2020. Empirical research the mechanism of China''s photovoltaic industry policy on corporate innovation performance, and the introduction of a heterogeneous factor of regional innovation system to test its regulatory role in the path of influence.Empirical research shows that: China''s photovoltaic industry policy has a significant positive impact on the innovation performance of enterprises; meanwhile, corporate innovation indicators and innovation environment indicators in the regional innovation system have significant positive and negative adjustment effects in the above transmission process.