From the perspective of circulation, this paper theoretically analyzes the impact of government subsidies on the efficiency of circulation enterprises, discusses the possible intermediary mechanism between government subsidies and circulation enterprises' efficiency, and examines the moderating effect of state-owned enterprises.Based on the panel data of 241 A-share listed circulation enterprises in Shanghai and Shenzhen Stock Exchangefrom 2010 to 2020, we find that: (1)Government subsidies can promote the efficiency of circulation enterprises;(2)Social responsibility has a mediating effect in the relationship between government subsidies and the efficiency of circulation enterprises, that is, government subsidies can make circulation enterprises perform more social responsibilities, so as to promote the efficiency of circulation enterprises;(3)There are direct and indirect regulation effects in state-owned enterprises. Compared with non-state-owned circulation enterprises, government subsidies and the performance of social responsibility of state-owned circulation enterprises play a lower role in improving enterprise efficiency.This study provides new empirical evidence for deepening the reform of circulation system and improving circulation efficiency.