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Abstract Taking the sixyear panel data (2010-2015) of listed companies in industry of new energy vehicles as example, this thesis investigates two types of subsidies, i.e. government R&D subsidies and nonR&D subsidies, and how they affect business performances. The results reveal that obvious positive effects can be brought by government R&D subsidies on enterprise innovation performances; however, nonR&D subsidies affect prominently enterprise innovation performances in positive correlation. And along with the improvement of enterprise performance, the government nonR&D subsidies indirectly plays a positive role in R&D investment; at the same time, the R&D and input of private sectors may act as the medium bridging government R&D subsidies and enterprise innovation performances. Dividing all samples into different groups according to various levels of growth, this thesis came to further conclusions that government R&D subsidies can greatly promoted highgrowth enterprise innovation performances and have no effects on lowgrowth ones; while nonR&D subsidies markedly influence the operating performance of enterprises in positive correlation, and way more evidently on highgrowth enterprises.
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