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Abstract: To promote the enterprises innovation is an important goal of governmental R&D subsidyThis paper uses the panel vector autoregression (PVAR) method to integrate governmental direct subsidies，tax incentives，capital input，human input and innovation income into the system framework，taking the hightech industry as the research object，studying on the twoway dynamic coupling relationship between government R&D subsidy policy and enterprise innovation behavior decisionUsing the dynamic panel threshold regression，this paper studies the possible nonlinear relationship between the innovation income and two types of R&D subsidy policies，and analyzes the mechanism of direct subsidies and tax incentives on the innovation of hightech enterprises by combining theoretical model and empirical researchThis paper confirms that the increase of innovation investment is the fundamental reason for improving the innovation incomeThe “crowdin” effect of R&D subsidies on capital input is not obvious，but tax incentives can effectively encourage hightech enterprises to invest more in human inputDouble low strategy (“low subsidies，low discount”) is more conducive to improving the innovation income

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