Government subsidy can be divided into revenue government subsidy and asset government subsidy according to the correlation. Under different financing constraints, the two types of government subsidies have different influences on enterprise growth. Based on this, the sample data of SME listed companies from 2011 to 2017 are selected for empirical analysis. The results show that the revenue government subsidies can promote the short-term growth of enterprises, but have no significant impact on the long-term growth. Asset government subsidies can promote the long-term growth of enterprises, but have no significant impact on the short-term growth. With the increase of financing constraints, the role of revenue and asset government subsidies in promoting the growth of enterprises is gradually weakened, and the influence of financing constraints is significantly enhanced.