中文摘要：

公共支出对企业创新R＆D支出是互补效应还是挤出效应,学术界尚无一致结论.本文从我国宏观层面提出假设,运用1998—2009年的时间序列数据,通过线性回归模型计算,研究公共研发支出和财政直接拨款这两项最常用的公共支出政策对企业创新R＆D支出的作用效应,结果表明：公共研发支出和财政直接拨款对企业的R＆D支出具有积极的促进作用;在宏观层面上,与财政直接拨款相比,我国的公共研发支出对企业R＆D支出的促进作用更加明显;上一年的公共支出政策对下一年的企业R＆D支出的作用并不明显.

英文摘要：

There is no consistent conclusion whether public expenditure has complementary effect or crowding-out effect on enterprise R＆D expenditure. Using time series data from 1998 to 2009 and a linear regression model, it put forward the hypothesis from the macro level of the country, and studied the effect of public expenditure and financial allocation on the enterprise R＆D expenditure. The conclusions are as follows： both government R＆D expenditure and direct fi- nancial allocation have positive impacts on enterprise R＆D expenditure; compared to direct financial allocation, gov- ernment R＆D expenditure has more significant impact on enterprise R＆D expenditure from the macro level of China; public expenditure policies have no significant effect on next year＇s enterprise R＆D expenditure.