文章结合交换期权和演化博弈理论,研究不同形式的政府补贴对新能源汽车企业研发投资的促进作用。研究结果表明：(1)在新能源汽车市场发展初期,以开拓市场为目的的政府补贴能够促进企业进行研发投资。(2)在市场价值达到均衡市场价值后,政府直接研发补贴才能增加均衡状态时积极投资企业的比例。(3)新能源汽车研发信息揭示程度越高,应当采取直接研发补贴的方式；市场先行者优势越大,开拓市场价值的政府补贴效果更明显。

This paper examines the influence of government subsidies on enterprises’ R D investment behavior in new energy automobile sector. The results showed that：(1) In the early development of the new energy automobile market,Government subsidies which aims to expand the market is appropriate. (2) After reaching the equilibrium market value, only direct government R D subsidies can increase the proportion of investment enterprises. (3) The higher level of new energy automotive technology R D information reveal,direct R D subsidies should be taken to promote the R D investment; while the greater the new energy automobile market first-mover advantage, the effect of government subsidies which aims to expand the market is more obvious.

2015年中央财经大学博士生重点选题支持计划