Aiming at the problem of insufficient green investment of a manufacturer,this paper established a supply chain system con-sisting of the government,a manufacturer and a retailer.The decision-making process of the supply chain system can be viewed as a three-stage Stackelberg game composed of the government,the manufacturer and the retailer.In the supply chain considering govern-ment subsidies and green investment of the manufacturer,the impacts of government subsidies on the profit of supply chain members,the level of green investment of the manufacturer and the level of social welfare were explored.The results show that social welfare is a concave function of the government subsidy rate,and its critical point from increase to decrease is positively correlated with the external benefit coefficient of green investment.Manufacturer profit is a concave function of the green level of products,and its critical point from increase to decrease is positively related to the government subsidy rate.Government subsidies can enhance manufacturer's green level of products and achieve Pareto improvement of the supply chain system,but when the government subsidy rate exceeds a certain range,continuous increase of government subsidies will have a negative impact on the supply chain performance.The conclusion of this paper gives a theoretical explanation for the deception behavior in the field of new energy vehicles.
government subsidygreen investmentsocial welfarethree-stage game
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