R&D investment increase is the key to reducing production costs and enhancing the competitiveness in PV industry. To guide enterprises to increase R&D investment in PV industry, governments of all levels have introduced a large number of preferential policies in the talent introduction, research equipment, innovation platform construction and other aspects, but it is a matter of concern whether the enterprises will expand R&D with the financial subsidies of governments. Based on previous studies, this paper established a dynamic game model about the effectiveness of financial subsidies,analyzed the influence factors of R&D investment in PV enterprises, and analyzed empirically the panel data from the Listed Companies in Shanghai and Shenzhen stock markets. The empirical analysis shows that the subsidy of governments in PV industry achieved certain effect, and such factors as financial subsidies, sunk costs, the number of researchers and the number of listed companies will play an important role in the R&D of enterprises.