The high investment, high risk and externality of breeding innovation activities make enterprises, which are the main body of breeding innovation, lack of innovation motivation, and the government's support for seed enterprises is particularly important. This study revealed the role of mechanism of government subsidies in affecting the innovation input of seed enterprises and the regulatory effect of corporate governance in it, and uses the data of seed companies listed on the A-share market and the new three-board market from 2006 to 2021 to empirically test the above mechanism. The results show that government subsidies have a significant promoting effect on the innovation input of seed enterprises. The concentration of equity is not conducive to the rational allocation of subsidy funds to high-risk and high-return breeding R&D fields, and the increase of equity balance will improve the innovation investment intensity of seed enterprises. In addition, compared with non-state-owned enterprises, government subsidies are more conducive to improving the innovation input of state-owned seed enterprises. Therefore, the government should not only continue to increase subsidies to the seed industry, but also choose seed enterprises that can make subsidies play a greater role according to the corporate governance structure.
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