Abstract:Based on the data of listed manufacturing enterprises in Guangdong province from 2008 to 2019, the policy effects of government subsidies on R&D investment under the influence of firm heterogeneity were analyzed by means of threshold test and regression. The results show that the government subsidies have a positive incentive effect on R&D investment, but the effect is nonlinear with a threshold characteristic, and the effect is more significant when the subsidy intensity is greater than 4.30%. At the same time, the impact of subsidies on the R&D investment of enterprises has a double threshold effect with the size of enterprises and ownership concentration as the control variables. The impact on the R&D investment of enterprises with assets less than 671.2 million yuan is the most significant, and the impact on the R&D investment of enterprises with ownership concentration between 1.109 and 4.718 is the most significant. Therefore, the government subsidies should be combined with the enterprise quality system decision in order to improve the efficiency of subsidy.