With the urgent need for industrial upgrading and the frequent occurrence of "compensation fraud", in order to achieve the sustainable development of the new energy vehicle (NEV) industry, the Chinese government began to promote the transformation of industrial policies to "inclusive" and "functional". Specifically, the objectives of the policy pay more attention to the dominant position of the market mechanism and the "filling" function of the government, and the main role is gradually transferred to parts enterprises. Based on this, this paper takes the A-share listed NEV parts enterprises as the research sample, and investigates the impact and mechanism of policy adjustment on the sustainable development of NEV parts enterprises under the background of post-subsidy era based on information transmission mechanism, market pressure mechanism and stakeholder theory. The study found that "inclusive" and "functional" policies are conducive to improve the market pressure of enterprises by improving the competitive pressure of product market and alleviating the financing constraints of factor market, so as to improve the sustainable development ability of enterprises. At the same time, the buyer's market power in the vertical transaction relationship of enterprises negatively regulates the relationship between industrial policy and market pressure. Further analysis shows that the effect of policy adjustment on the sustainable development of non-state-owned enterprises is more significant than that of state-owned enterprises, that is, private enterprises are more inclined to market-oriented policy adjustment.

New Energy Vehicle, Policy Adjustment, Inclusive Policy, Functional Policy, Market Pressure, Sustainable Development