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Abstract Taking the panel data of Northeast highend equipment manufacturing listed companies from 2012 to 2016 as samples, this paper empirically analyzes the role of government R&D subsidy in innovation performance, as well as the mediation of R&D investment and the moderation of executive human capital in this role path. The research found that government R&D subsidy had a significant positive effect on R&D investment and innovation performance. R&D investment of enterprises played a complete intermediary role in the relationship between government subsidies and enterprise innovation performance. Executive tenure negatively moderated the relation of government R&D subsidy and R&D investment of enterprises, but positively moderated the relationship between R&D investment and innovation performance. The executive education level played a significant positive role in the path of government R&D subsidy, R&D investment, and performance of enterprise innovation.
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