Abstract: Based on the data of leading innovators in China, US and Japan for the 2012– 2017 period, this paper carried out OLS regression and quantile regression to estimate the extended Cobb-Douglas production function model. Through the transnational comparison of the output effect of R&D capital at the enterprise level, China's special mechanism of industrial development was discussed. Regression results show that there are distinct input-output effects among the leading innovators. The R&d capital of China's leading innovators has a higher output contribution rate than the physical capital. In mid-high technology industries and mid-low technology industries, the research and development capital of Chinese enterprises has a higher output contribution rate. In the high-tech industry, China's large enterprises have higher research and development efficiency. China's leading innovators are generally in the stage of increasing returns to scale.