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.

摘要： 本文基于中美日三国创新领导企业2012年到2017年的相关数据，分别采用OLS回归和分位数回归进行扩展的Cobb–Douglas生产函数模型估计，通过企业研发资本产出效应的跨国比较，探讨中国特殊的产业发展机制。回归结果显示创新领导企业之间存在明显不同的投入产出效应；中国创新领导企业的研发资本相比物质资本具有更高的产出贡献率；在中高技术产业和中低技术产业，中国企业的研发资本具有相对较高的产出贡献率；在高技术产业，中国的大企业具有较高的研发效率；中国创新领导企业总体上正处于规模报酬递增的阶段。