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中文摘要：
企业研发（R＆D）投入是一项高不确定性和风险性战略行为，但高不确定性和风险性并不意味着研发投入总是以失败告终，研发投入的成功与否在很大程度上还取决于知识产权保护和监督管理等制度因素。从企业绩效角度考察企业R＆D投入效率．以及考察制度环境和所有权安排对企业R＆D投入绩效的影响表明。知识产权保护的强化和合适的所有权安排有助于提高企业R＆D投入的绩效。
英文摘要：
Firm＇s R＆D investment is a strategy activity with high risks and uncertainties. However, high risks and uncertainties do not mean that firm＇s R＆D investment always fail without any return, and whether firm＇s investment can get success largely depends on intellectual property protection, supervision and management. This paper first examines the rate of return of R＆D investment and then investigates the effects of institutional environment and ownership arrangements on the rate of return of R＆D investment. The empirical results show that institutional environment and ownership arrangements have significant effects.
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