With the data of China’s A-share listed companies in manufacturing from 2008 to 2011 as a research sample, we make an empirical research on the relationship between the government subsidies and enterprise social benefits from the perspective that enterprises undertake social responsibility. The results show that government subsidies do have social benefits. Namely, government can encourage enterprises to expand social donations, undertake more employments and increase technical personnel by giving subsidies. Further studies show that: (1) the effects of government subsidies have different performance in corporations with different natures.(2) the effects of government subsidies exist only in profitable corporations that year, indicating that government subsidies are affected by profit or loss. (3) the effects of government subsidies has no differences in different levels of market development, but its significance is varying in different levels of market development. As for public policy, it’s effective that government encourages enterprises to take social responsibilities by giving subsidies, but government must also take enterprise features and institutional environments into account in the implementation of public policies.