Despite the fact that the government has been increasing food subsidies in recent years， the cost of growing food continues to rise，especially land transfer rents，affecting farmers’ enthusiasm for growing food.Theoretical analysis suggests that the tendency of subsidies to be capitalized as land rent is one of the reasons for the rising cost of land.Therefore，based on provincial panel data of maize production from 2010 to 2020，this study uses an event study method to analyze the dynamic effects of subsidies for maize producers to clarify the impact of the capitalization on the food production stabilization effect of grain subsidies.And the analysis shows that the implementation of producer subsidies after the reform of the maize reserve system led to an increase in land transfer rent of RMB 5.7/mu in the following year，which further confirms that the capitalization of the subsidies into land rent has weakened the policy effect of producer subsidies to a certain extent.If the linkage between subsidies and land transfer rents is cut off，the positive effect of producer subsidies on stabilizing grain cultivation area will be further enhanced and its negative effect of reducing production inputs will be further weakened.Therefore，it is proposed that the design of future food support policy should further optimize the incremental subsidy method，avoid its linkage with land rent，and improve the subsidy precision and support efficiency from the perspective of integrating production technology patterns and new management systems.