Abstract: R&D investment is the key to change economic development pattern and enhance the industrial competitiveness. While Chinese enterprise faced with both low intensity and skew distribution of firm R&D investment. Unlike existing research, this paper is going to analysis the industry characteristics of R&D investment, and present a decision model of enterprise R&D investment by two fields which are enterprise and industry. We use a micro-data of Chinese manufacturing industries from 2005 to 2007 as samples to test the factors of firm R&D intensity. Moreover, we discusses the differences of enterprise R&D investment by Shapley value decomposition method, and gets the following conclusions. At micro-level, the intensity of R&D has significant negative correlations with production scale, firm age and asset-liability ratio, and enterprise property also effects the R&D decisions hardly. In addition, industry level factors such as average R&D intensity, market concentration and the environment of external financing has significant positive effects to firm R&D investment. However, there are obvious inhibitive effects from the ratio of new products’ sales revenue and R&D concentration. According to the analysis of Shapley value, industry factors contributes the 86.5% to the differences of firm R&D investment, and enterprise factors only contributes the 13.5%. In conclusion, the differences of investment in research and development are because of the different industries characteristics, not the enterprise behavior.

摘要： 研发投资是增强企业创新能力和竞争力的重要途径，我国企业研发投资面临着投入强度低和分布不均衡的问题。与现有研究不同，本文通过研发投资的行业特征分析，从企业和行业两个层面构建了企业研发投资的决定模型，以2005-2007年中国工业企业微观数据为样本，实证检验了各因素对企业R&D强度的影响，进而利用夏普里值分解法就企业研发投资差异的来源进行了探讨，得到如下结论：微观层面，生产规模、企业年龄、资产负债率与R&D强度显著负相关，企业性质对研发决策也具有显著影响；行业层面，平均研发强度、市场集中度和外部筹资环境对研发投资存在显著的正效应，新产品销售收入占比和研发集中度则具有明显的抑制作用；根据夏普利值的分解结果，行业因素对企业研发投资差异的平均贡献高达86.5%，企业因素的贡献度仅为13.5%，表明企业研发投资的差异主要源于行业特征的不同，而不是企业行为异质性的结果。

关键词: R&D investment, industry characteristics, enterprise behavior, Shapley value decomposition method