This paper introduces the related concepts and theories of government S&T appropriation and enterprise investment in R & D, selects the economic data in recent 15 years, establishes Eviews time series model, analyzes the impact of finance S&T appropriation on Enterprise R & D investment in Guangdong Province, and draws the conclusion that finance S&T appropriation has both promoting and crowding out effect on Enterprise R & D investment, Then it puts forward some policy suggestions, such as improving the performance evaluation mechanism of financial science and technology funding, and increasing the training of scientific and technological innovation talents.