Based on the panel data of industrial enterprises above designated size from 2011 to 2019 in 30 provinces of China, the direct and spatial spillover effects of government scientific and technological subsidies on enterprises R&D investmentis empirically analyzed and the moderating effect of heterogeneous factors is further explored.??The results show that government scientific and technological subsidies not only have direct positive incentive effect on enterprises R&D investment, but also have spatial spillover effect.??Firm size, technology level and profitability have positive impact on firm R&D investment, while property rights have negative impact on firm R&D investment.??Firm size and technology level have positive moderating effect on the relationship between government S&Tsubsidies and firm R&D investment, while property rights do not have significant moderating effect on the relationship between them.