Abstract:Abstract: In recent years, the trend of Chinese enterprises leverage has risen sharply, the debt scale has become increasingly large, and the debt burden has become heavier. To a certain extent, the company''s R&D investment has been Crowded Out. This paper takes the data of Shanghai-Shenzhen A-share non-financial listed companies in 2011-2016 as specimens, and studies the impact of enterprises leverage on R&D investment and the role of government subsidies in enterprises leverage and R&D investment. The study found that the higher the leverage ratio of the enterprise, the more it is not conducive to the innovation investment of the enterprise. The government subsidies can reduce the inhibition of high leverage on R&D investment to a certain extent; the higher the short-term debt leverage ratio and the long-term debt leverage ratio, the more unfavorable the enterprise The R&D investment, government subsidies can not reduce the negative impact of long-term high leverage on R&D investment; compared with state-owned enterprises, government subsidies can alleviate the inhibition of private enterprises'' high leverage on R&D investment.