Under the assumption that the emergence and expansion of the new energy vehicles market is due to consumer groups entering market sequentially, and the size and characteristics of each consumer group are different, this paper proposes the R&D investment model of a new energy vehicles firm based on product subsidy. The firm’s optimal R&D investment and pricing strategies are given through theoretic analysis. It is found that when the initial value of the firm’s marginal profits is positive, the optimal R&D investment strategy is to make its marginal profits equal zero if its R&D funds is sufficient enough, otherwise, the optimal R&D investment strategy is its whole R&D funds. And when the initial value of the firm’s marginal profits is non-positive, its optimal R&D investment strategy is zero. It is also found that there is a crowding-in effect of product subsidy on the firm’s R&D investment under two conditions: only if the unit product subsidy is large enough when the firm doesn’t conduct R&D without subsidy, and if only the firm has surplus R&D funds when the firm has conducted R&D without subsidy.

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As a legal currency with the credit endorsement of the Chinese government, DC/EP has many advantages and special characteristics. Based on the application of DC/EP in the financing of small-and medium-sized enterprises (SMEs), this paper studies the optimal financing decisions of SMEs under both the traditional financing mode and the DC/EP financing mode. Considering the construction and use costs of DC/EP and the role of DC/EP credit traceability in improving mortgage rates, this paper explores the feasible range for SMEs to select DC/EP financing. It is found that mortgage rates affect the returns of SMEs when they take on loans; under different credit strategies, the pledge rate set by the bank will affect the financing willingness of SMEs. The participants had different optimal mortgage rates to optimize the returns of borrowers and banks. High-quality SMEs are more willing to use the DC/EP platform for financing. With the increase in default costs, banks will be more inclined to use DC/EP, while enterprises will be inclined to utilize the traditional financing mode. Through the comparative analysis of the two financing modes, the default cost range that neither banks nor borrowers are willing to use DC/EP is found. This study provides theoretical support and management inspiration for scientific decision-making to solve the financing problems of SMEs by using DC/EP.