中文摘要：

政府采购作为扶持高技术企业技术创新的重要政策，其产生作用的路径十分复杂。如同“歧路亡羊”，在这一复杂过程中，政府采购能否正确实现其目标，股票市场等其他因素起到了何种作用在现有研究中多被忽视。以2014-2015年A股上市交易的软件行业企业作为样本，提取相关数据，考察股票投资者关注的中介效应在政府采购对高技术企业创新作用过程中的影响，运用回归分析和非参数检验方法进行实证分析。研究结果表明：股票投资者关注在政府采购与高技术企业创新之间存在部分中介作用。其作用机理为，被公告的、金额较大的政府采购项目对股票投资者关注中实际交易部分有正向效应，而股票投资者关注中实际交易部分则会对高技术企业创新形成负向影响，对政府采购对高技术企业创新的正向直接效应形成挤出。

英文摘要：

Government purchase has a complicated mechanism to affect the output of innovation, as an important policy to supporter the high-tech corporations＇ innovation. The same as a lamb goes astray on a forked road, wheth the government can achieve the goal correctly depends on many other factors such as stock market in this mechanism. The factors have been neglected in the existing literatures. Set the listed software corporations which are trading during 2014 to 2015 as sample and extract related data; Investigate the mediating effect of stock investor attention on the process of government purchase influencing innovation with the method of regression analysis and non-parametric test. The result shows： attention of stock investors has a partial mediating effect on the process of government purchase acting on high-tech corporations＇ innovation. The action mechanism is that the government purchase project proclaimed with large sum has positive effect on the real trade part of stock investor attention while it will have a negative effect on the high-tech corporations＇ innovation. That means the positive effect on government purchase to high-tech corporations＇ innovation has been partly crowded out.