中文摘要：

在市场机制不完善的新兴市场经济国家，政府引导企业技术创新显得十分必要。以101家2007—2010年连续四年在董事会报告中披露研发强度的深市中小板民营上市公司为研究样本，用研发强度衡量企业技术创新，分析政府研发资助强度对企业技术创新的影响。研究发现：不论采用普通最小二乘回归方法还是采用工具变量的二阶段回归方法，结果均表明政府研发资助显著地促进了企业技术创新，但普通最小二乘回归方法低估了政府研发资助对企业技术创新的促进效应。本文的研究结论支持了政府研发资助的“互补效应”观点，表明政府研发资助是弥补市场缺陷的一种积极方式，政府应该加大对民营企业研发资助力度。

英文摘要：

In the emerging market economy countries with imperfect market mechanism, it is necessary for government to guide enterprises to carry out technology innovation. Taking 101 private small and medium-sized companies listed in Shenzhen Stock Market as research samples, whose R＆D intensity was disclosed in the board report successively from 2007 to 2010, this paper tries to measure technology innovation by R＆D intensity and analyze the influence of the intensity of government R＆D subsidies on the technology innovation of private enterprises. The research finds out that no matter whether the ordinary least square method or the two-stage least square method with instrumental variable is used, the results indicate that the intensity of government R＆D subsidies significantly promote technology innovation, while the ordinary least square method underestimates the promoting effects of the government R＆D subsidies on the enterprise technology innovation. The results of this study can support the idea of ＂complementary effect＂ of government R＆D subsidies, suggesting that government R＆D subsidy is a positive means to remedy market defect, so the government should further strengthen the R＆D subsidies to private enterprises.