Abstract: As an important economic policy in China, how will the industrial policy affect the intensity and allocation efficiency of resources? To answer this question, this paper analyzed the allocation efficiency among-industries of dual factors, which are production factors and innovation factors. Based on the production and innovation data in “Eleventh Five-Year Plan” and “Twelfth Five-Year Plan” from 2006 to 2015, using double difference method, we got the following conclusions are: (1) The R&D factors misallocation among industries in China is more serious than the production factors misallocation. However, compared with the sustained mitigation trend of the R&D factors misallocation, the production factors misallocation has a rapid aggravation trend after 2011. Therefore, it is very important to conduct a comprehensive analysis to the dual factors allocation efficiency of the role of industrial policy. (2) Policy increased the input factors in policy-supporting industries, especially the innovation factors. Such support is more reflected in the state-owned sector, but to the non-state sector is not significant. (3) After dividing into two states which are excessive input and insufficient input, empirical analysis show that China's industrial policy mainly aggravated the excessive input, but did not alleviate the insufficiency of factors input.

摘要： 产业政策作为我国的一项重要经济政策，将如何影响资源投入力度及其配置效率？本文从双重要素——生产要素和研发要素——在行业间配置效率的角度展开分析。利用2006-2015年“十一五规划”和“十二五规划”时期的生产和创新数据，使用双重差分方法的实证分析得到以下结论：（1）我国行业间研发要素错配问题相较生产要素错配问题更为严重，然而相较于研发要素错配的持续缓解趋势，生产要素错配在2011年后却有快速加重趋势。因此从双重要素角度对产业政策的作用展开综合分析至关重要；（2）产业政策增加了政策支持行业的要素投入力度，尤其是对于研发要素投入的力度。而这样的支持更多体现在国有部门内部，对非国有部门的影响并不显著；（3）通过划分出不同行业要素投入过度和不足两种状态后，实证分析发现，我国的产业政策主要表现为加重了要素投入的过度，而并没有缓解要素投入的不足，也就是说我国产业政策恶化了要素配置效率。