Using China’s listed manufacturing companies from 2011 to 2022 as research samples, whether government subsidies obtained by listed manufacturing companies affect the development of new quality productivity was empirically tested. The research results show that government subsidies can promote the manufacturing listed companies to improve the level of new quality productivity, and it is found that enterprise performance plays a certain intermediary role. The group test further distinguishes the property right nature and company size, and it is found that non-state-owned companies and small scale manufacturing listed companies can improve their new quality productivity more if they get government subsidies. This conclusion can provide some theoretical support for improving the level of new quality productivity of listed manufacturing companies, establishing a standardized government subsidy system, and reasonably determining government subsidy standards.