选取中国A股制造业上市公司的微观数据，考虑企业异质性因素，利用广义倾向得分匹配法量化研究政府补助对企业R&D投资的影响效应及其动态作用区间。研究发现，政府补助对企业R&D投资的作用具有区间性，当政府补助强度达到一个临界值后，替代作用超出激励作用。目前，政府补助对制造业上市公司R&D投资总体表现为激励作用，而且，平均补助强度远远低于激励作用转化为替代作用的临界值。同时发现，政府补助对企业R&D投资的作用及其最适补助区间呈现所有权异质性、企业规模异质性和行业异质性。

By using a sample of Chinese A-share manufacturing listed companies and considering firm heterogeneity, this paper applies generalized propensity score methods to explore whether government subsidy can stimulate firm R&D investment and quantifies the dynamic effect range. We find that the subsidy effect presents interval features when subsidy intensity is beyond a certain range, the substitution effect will beyond the incentive effect. At present, the direct subsidies have stimulated effect on manufacturing listed companies in China and the average subsidy intensity is far below the threshold. We also find that the subsidy effect and the optimal subsidy range present heterogeneity of ownership, firm size and industries.