Abstract: Market-oriented reforms affect R&D input through the ownership structure and the market environment which includes level of marketization and demand for new products and funding environment. This article selects the panel data of China’s high-tech industries during the period of 1995 to 2010, and using GMM method make an empirical analysis of the market-oriented reforms influence on the R&D input. The result shows that improvement of level of marketization and growth of demand for new products have significant positive impact on R&D input. Moreover the impact is more significantly after joining WTO. The improved funding environment promotes the growth of high-tech industry R&D input. Too concentrated state-owned property is against the growth of R&D capital investment, but it leads to too much R&D manpower input. Market power has a non-linear inverted U-shaped relationship with R&D capital investment and R&D manpower input. The influence of firm size on R&D capital investment is uncertain, but it has significant positive impact on the growth of R&D manpower input.

摘要： 市场化改革既通过产权结构影响R&D投入，又通过影响市场化水平、新产品需求和筹资环境等市场环境对R&D投入产生影响。本文利用中国高技术产业1995-2010年的面板数据，运用动态面板的GMM方法实证考察了市场化改革对R&D投入的影响，得到以下主要结论：市场化水平的提高和新产品需求的增长对高技术产业R&D投入增长具有显著的正向影响，且入世后的正向影响更大；筹资环境的改善有利于促进高技术产业R&D投入的增长。国有产权过于集中不利于高技术产业R&D资本投入的增长，但却导致了过多的R&D人力投入。市场势力与R&D投入存在的非线性倒U型关系；企业规模对R&D资本投入的影响并不确定，但促进了R&D人力投入增长。

关键词: 市场化改革, R&D资本投入, R&D资本投入, 高技术产业, Market-oriented reforms, R&D Capital Investment, R&D manpower input, High-tech Industry