中文摘要：

从理论上推导出存在技术外溢情况下社会收益率的经验估计方法,并利用中国的行业数据进行了估计。研究发现,研发的社会收益率在一般情况下都大于1,说明研发投入严重不足;行业内的外溢非常显著;企业的自主研发效率存在虚假现象,一旦控制了外溢,自主研发效率就不再显著,企业技术水平的提高基本上来自于模仿等外溢因素,而非创新。

英文摘要：

Traditionally there is no way to measure social rate of return to research and development.This paper develops an approach to measurement of the social rate of return by modeling technological spillovers in an endogenous growth model.With industry level data of China,this paper finds the following conclusions： The social rate of return to RD is larger than 1 in most industries,which implies insufficient RD investment;There is significant intra-industry spillovers;Traditional estimates of RD efficiency are spurious in that the efficiency is not significant when spillovers are controlled.It implies technological change is rooted in imitation rather than innovation.