Based on the “The Belt and Road” initiative, this article selects the panel data of A-share manufacturing listed companies in 2014 and 2016, and uses the difference in difference (DID) model to test the effect of fiscal subsidy policies on the innovative behavior of Chinese manufacturing companies since the “The Belt and Road” initiative was proposed. Influence, and the mediating effect of innovation cooperation between financial subsidies and innovation behavior. The empirical results show that the fiscal subsidy policy has affected the innovation behavior of manufacturing enterprises, but the results of this effect are different due to different stages of innovation behavior. In addition, in the process of enterprises carrying out innovative behaviors, innovation cooperation can promote the effective use of financial subsidies by enterprises, thereby enhancing their innovative behaviors. Finally, based on the conclusions, corresponding suggestions are put forward at the three levels of enterprise, policy and system.