Government subsidy is a key issue of academic concern. The scale and intensity of subsidies are affected not only by the individual characteristics of the government and enterprises, but also by the game behavior between the government and enterprises.Using the two sided stochastic boundary model and the sample data of A share listed companies from 2007 to 2018, this paper empirically studies the influence of game behavior between government and enterprise on government subsidies. The results show that the game behavior between the government and enterprises has an important impact on the subsidy decision.On average, the government surplus is significantly higher than the enterprise surplus, that is to say, the comprehensive game effect shows that the government obtains the net surplus, and the subsidy level finally reached by the government and enterprises is depressed. The influence of game behavior on subsidy decision shows significant heterogeneity in the dimension of individual characteristics of both government and enterprise.