Abstract: Based on the panel data of Chinese listed companies in the new energy automobile industryfrom 2011 to 2015， the effects of direct governmental subsidies and indirect subsidies on enterprises'R&D investment were investigated by using the static and dynamic panel data models. The results showed that direct governmental subsidy has a significant incentive effect on enterprises' R&D investment， while indirect subsidy has uncertain impacts on enterprises' R&D investment. At the same time， firm size and knowledge stock contribute to governmental R&D subsidy， while the effect of enterprises' technological level on governmental R&D subsidy is not remarkable. On this basis， in order to improve the effectiveness of governmental subsidies，the following governmental functions should be improved: strengthening more disclosure of official information， enhancing the stability and pertinence of subsidy policies， giving full play to the role of governmental subsidies and tax incentives，and establishing perfect subsidy accessing and exiting mechanisms.

Key words: governmental R&D subsidy, enterprises' R&D investment, subsidy effect, dynamic panel data model