Abstract: By using text search analysis, individual fixed effect model and individual random model, the impact of government policies on the innovation input and output of agricultural listed companies were studied. The results showed that government financial support policies produced crowding out effect, product procurement policies and financing environment policies were conducive to improve the level of R & D investment. Outsourcing policies and industrial basic policies had positive effect on the investment of technical personnel, foreign trade policies and financing environment policies had negative effect on the investment of technical personnel. Financial support policies, product procurement policies and economic norms policies were conducive to improve the level of patent output. The financial support policies reduced the patent output. The policy suggestions of the government to support the innovation of agricultural listed companies were put forward.

Key words: government policies, innovation behavior, agricultural listed companies