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Abstract As important capital source and institutional guarantee of enterprise management, institutional investors and government subsidies have a major impact on enterprise technological innovation.Based on the panel data of strategic emerging listed companies in Shanghai and Shenzhen from 2010 to 2015, it make an empirical analysis of the relationship between institutional ownership, government subsidies and enterprise technological innovation.It finds that institutional ownerships can't prominently impact the enterprise technological innovation.The government subsidies can impel institutional ownerships to produce positive effect on the enterprise innovation, especially the substantive innovation.Besides, the fund holdings negatively effect the enterprise technological innovation.And securities company and QFII holdings have insignificant and significant positive effects on enterprise innovation respectively.Further, the government subsidies weaken the negative effect from fund holdings to the enterprise innovation and promote the positive effect from the securities company and QFII holdings to the enterprise innovation.Lastly, the government subsidies more positively regulate the relationship between the fund holdings and the nonsubstantive technological innovation, and more positively regulate the effect from securities company and QFII holdings to substantive technological innovation.
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