Abstract:Based on the perspective of “dual source” capital and heterogeneity, this paper uses the“going out” data of listed companies in China''s manufacturing industry from 2006 to 2017, empirically examines the marginal effect of R&D investment, the "internal capital", on the internationalization performance of manufacturing enterprises; Furtherly, this paper discusses the heterogeneous “leverage effect” of government subsidies on this marginal effect from the perspective of “external capital”.The research shows that: (1) As the “internal capital” of enterprises, R&D investment can significantly improve the international performance of manufacturing enterprises, and this effect is particularly significant in non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. After considering the endogenous problem, this conclusion is still robust; (2) As “exogenous capital”, the government subsidies do not form a good synergy with “internal capital”. On the contrary, government subsidies will even weaken the positive effect of R&D investment on the international performance of enterprises, and this role is prominently reflected among non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. The above conclusions provide targeted advice for different types of enterprises to rationally conduct R&D activities and optimize the allocation of government resources, and ultimately accelerate the “going out” pace of manufacturing enterprises.