Abstract: The influence of the degree of financing constraints on the performance of Industry-University-Institute collaborative innovation projects that implemented by Guangdong province and led by the enterprises has been analyzed, and the regulatory effect of the government subsidies on the relationship has also been analyzed. The results show that the influence of the degree of financing constraints on the performance of Industry-University-Institute collaborative innovation projects is negative. The regulatory effect of the government subsidies on the relationship is positive which means that the government subsidies can mitigate the negative impact of financing constraints on the innovation performance of Industry-University-Institute collaborative innovation projects to some extent. Compared with state-owned enterprises, the government subsidies are more effective to relieve the financing constraints that non-state-owned enterprises facing in product innovation. But the government subsidies have smaller effect on relieving the financing constraints that non-state-owned enterprises facing in patent research and development.