Abstract:Based on the data of listed manufacturing companies from 2011 to 2020 and from the perspective of signal theory.The relationship among government subsidies,financialization and manufacturing innovation is studied.It is found that the effects of R&D subsidies and non R&D subsidies on innovation output are asymmetric, financialization has played a regulatory role in the process of signal transmission. There is an inverted U-shaped relationship between R&D subsidies and innovation output, and there is a positive correlation between non R&D subsidies and innovation output. Financialization can positively regulate the relationship between R&D subsidies, non R&D subsidies and innovation output. Compared with other manufacturing enterprises, the moderating effect of financialization is most obvious in private manufacturing enterprises.