Abstract: Abstract: Government subsidies play a crucial role in enhancing the innovation level and growth of startup companies, and they also have a significant impact on the transmission of hidden information to the market. This article utilizes data from Hubei Province's incubators for the years 2019-2021 and employs the signaling theory to analyze the mechanism of government subsidies on the innovation performance of entrepreneurial firms within these incubators. The research findings are as follows: 1. Government subsidies have a positive impact on the innovation performance of entrepreneurial firms within incubators. 2. Venture capital plays an intermediary role in the positive relationship between government subsidies and the innovation performance of entrepreneurial firms within incubators. 3. Special considerations for incubators within national high-tech zones: The study mentions that for incubators located both within national high-tech zones and specialized incubators, the effect of government subsidies on improving innovation performance through the intermediary role of venture capital is not significant. In summary, this research provides valuable insights for government policy adjustments concerning incubators and informs the strategic choices of incubators for their own development. Governments may consider encouraging the flow of venture capital into startup companies and incubators to accelerate innovation and growth. Additionally, for specific types of incubators, more tailored policy measures may be needed to better support innovation and development. These findings contribute to optimizing the startup ecosystem and fostering economic growth.

摘要： 政府补贴对于初创企业的创新水平的提升以及发展壮大有着重要的作用，政府补贴对于初创企业的隐蔽信息向市场传递也有着重要影响。本文运用湖北省2019-2021年孵化器的数据，基于信号传递理论分析政府补贴对于孵化器中创业企业的创新绩效的作用机制。研究发现：（1）政府补贴对于孵化器中创业企业的创新绩效具有正向影响。（2）风险投资在政府补贴和孵化器中创业企业的创新绩效之间的正向关系中起到中介作用。（3）对于既在国家高新区内又是专业孵化器的孵化器来说，政府补贴通过风险投资的中介作用后对孵化器中创业企业的创新绩效提高的作用并不显著。上述研究结果对于政府对于孵化器的政策调整以及孵化器对于自身发展的选择具有潜在的指导意义和应用价值。