Abstract: Based on the theoretical expectation that both government support and the innovation environment w-ill affect the R&D of enterprises, on the basis of constructing the innovation environment index and measuring

the R&D efficiency of enterprises in stages, then it uses a panel measurement model that incorporates governm-entsupport to test the impact of financial market and innovation environ`ment on R&D expenditure and R&D ef-ficiency of the enterprises according to the high, medium and low innovation environment. The results show that the R&D expenditure of all enterprises faces severe constraints from the financial market and the innovation en-vironment. The innovation environment’s constraints on technology R&D are more prominent in the high and m-ediumgroups, and the medium group is most severely constrained by the environment. There are multiple path-s for government support to alleviate the constraints of the innovation environment. The direct path can reverse

the constraints of the high and low environment groups of the innovation environment from negative to positive, but it fails in the mid-range group. The stock market effect of the indirect path is stronger than the credit effect. I-nnovation continuity is the core factor restricting the transformation of achievements. The high-quality innovat-ion environment is an important support for maintaining innovation continuity and improving the R&D efficien-cy. The path for government support to solve the innovation dilemma must be classified and implemented on the premise of accurately identifying the level of the innovation environment to work.

Key words: government support; innovation environment; R&D expenditure; R&D efficiency