Policy Timing and Energy Investment in China

Calendar choice changes the financial terms assigned to energy projects. This paper measures that change using 423 enterprise and institutional distributed-photovoltaic projects in two Shanghai subsidy directories, then traces the legal timing of support through three paired regulatory histories. Reconstruction from the governing rule, reported reward cohort and project category matches every published reward rate. Using connection year alone misclassifies 31 projects, representing 16.55 MW, and understates their scheduled reward by RMB 0.05–0.12 per kWh, or 33–50%. The directory headings identify ten cohort and category groups; a separate reconstruction recovers the assignments with printed reward-rate phrases withheld. In Anhui, Shandong and Zhejiang, tracked financing mechanisms appear in verified predecessor provisions 9–13 calendar years before the recent legal text. Clause comparisons distinguish inherited financial terms from amended target wording and administrative changes. Together, the project and legal records show how an available document date can misrepresent both support intensity and the history of a mechanism. Linking rules, eligible cohorts and legal versions connects policy measurement to the financial margin and project stage governing investment.