Abstract: This paper takes the listed companies of Shanghai and Shenzhen A-share manufacturing industry from 2008 to 2014 as the sample, and studies the relationship between the replacement of local key leaders and government research and development subsidies and the effect of the replacement of local key leaders on government R & D subsidies combining monetary policy and marketization process. The empirical analysis shows that the replacement of local officials will significantly reduce the government's R & D subsidy in the next period. Compared with the easing of monetary policy, the change of local officials in the period of monetary policy tightening has a greater impact on the government development subsidy; the difference in marketization can affect the relationship between government turnover and government R & D subsidies. The higher degree of market-oriented areas is, the weaker the impact of replacement of local officials on government research and development subsidies in the next period is.