中文摘要：

通过构建一个异质性双边随机边界技术创新模型，将代理冲突和激励相容同时纳入到模型中，对我国上市企业的技术创新效率进行实证度量，结果表明：（1）代理冲突和激励相容对企业创新活动具有重要影响，其中，代理冲突对企业创新活动的影响程度要强于激励相容。（2）几乎所有的上市企业都面J临创新投入不足的问题。代理冲突效应导致企业的实际研发投入要低于最优研发投入水平约55％，而激励相容效应能够提升企业研发投入水平约27％，二者的净效应表明，企业的研发投入要低于最优水平约27．7％。（3）年度效应分析发现，2006—2010年，代理冲突效应和激励相容效应之间的净差额呈现逐年递减趋势，使得上市企业的技术创新效率逐年提高。

英文摘要：

This paper builds up a heterogeneity Two-tier Stochastic Frontier Technology Innova- tion Model, considering the effects of agency conflicts and incentive compatibility empirically studys on innovation efficiency of Chinese listed companies . The results show that： （1） agency conflicts and incentive compatibility do have important effect on company＇s innovation activities, and agency conflicts have stronger effects; （2） almost all listed companies are faced with the problem of inade- quate R~D investment. Agency conflicts lead to the actual R~D investment which is lower than the optimal level 55~ while the incentive compatibility enhances it 27~, the net effect reveals that company＇s R~.D investment is 27.7~ lower than the optimal level~ （3）estimating the effect during years shows the net effect between agency conflicts and executive incentive presents a diminishing trend from 2006 to 2010, that means the technology innovation efficiency of listed companies shows an upward trend in recent years.