Abstract: Based on the panel data of 173 listed new energy automobile industry chain enterprises from 2012 to 2021, this paper empirically studies the influence of financial subsidies and R&D investment on enterprise value. The results show that the current financial subsidy has positive effect on R&D input and enterprise value, and the R&D input has significant positive intermediary effect between the current financial subsidy and enterprise value. Based on research conclusion, the paper puts forward some suggestions from angle of government and enterprise. Government should perfect subsidy policy, strengthen supervision and management of government subsidy and strengthen domestic basic research. Enterprises should improve R&D efficiency and actively participate in R&D cooperation projects.