中文摘要：

由于创新风险的存在,高科技产业面临融资难的问题。作为国家自主创新示范区,中关村出台大量创新支持政策,旨在缓解高科技产业融资难问题,具有典型性和示范意义。本文构建三阶段递推CDM模型,基于创新调查与企业财务数据的对接,对创新政策支持的实际效果及不同资本间的关联影响进行实证检验。研究发现：财政支持与税收支持政策的协同性较差,不同资本间的排斥性大于融合性,创新投入对创新产出的影响具有＂门槛效应＂,创新政策支持必须跨越＂门槛＂、实现质变,才能实现预期效果。中关村高科技产业融资渠道单一,创新政策支持主要对技术创新发挥作用,而非技术创新的薄弱正是高科技产业融资难的障碍。高科技产业发展更多服从于行业规律,企业规模、产权因素不宜作为政府甄选创新支持对象的标准。

英文摘要：

Due to the existence of innovation risk, the high-tech industries are facing financing difficulties. As the national independent innovation demonstration area, Zhongguaneun issued a large number of innovation support policies with typical and demonstration significance in order to ease the financing difficulties of high-teeh industries. Based on the CDM model for innovation system, the paper analyzes the data of both from the innovation survey and the financial statistics by using the three-stage model linking innovation and productivity to summarize the improvement of technology innovation system of Chinese firms. Our study finds that the coordination of financial support and tax policy is relatively poor, creates larger repelleney than integration between different types of capitals. The effect of innovation input on innovation output has Threshold effect, so the innovation support policies should find their way to get through the threshold to achieve the desired effect. Due to the singleness of financing channels for high-tech industries in Zhongguancun, the innovation support policies play their roles mainly in technology innovation, leaving the weak non-technological innovation to be the big obstacle of their financing. The development of high-tech industries is more subject to industry rules and the scale of the enterprise, the ownership property should not be the criterion for the government to select the innovation support target.