中文摘要：

针对传统的“永续盘存法”对知识资本积累估计的缺陷及忽略技术外溢对企业研发绩效造成的有偏估计，本文构建知识资本动态积累模型，利用动态面板（DPD）测算四个不同行业的高新技术企业研发绩效。分析结果表明，企业R＆D投入对技术形成的贡献弹性为0．02—0．05，行业内企业间的技术外溢在一定程度上减弱了企业的研发绩效，同行业的关联企业或企业集团间的技术外溢能提升企业的研发绩效，这可成为我国企业协同研发的主要组织形式。

英文摘要：

High-technology enterprises, as one of the core developing objects of the Twelfth five-year plan, are the main strength of the whole country＇s development of science and technology research and development. Whether a company＇s R＆D input can contribute to the effective output and core technology is a major concer of both the govemment and the companies themselves. In light of the limitations of the traditional ＂Perpetual Inventory Method＂ of knowledge capital accumulation and biased estimation influenced by technology spillover. This paper constructs a knowledge capital accumulation dynamic model, and uses the dynamic panel model （DPD） to estimate the effects of the four different industries high-tech enterprises＇ R＆D in- vestments on technology efficiency and calculat the corresponding industry＇s depreciation rate of intellectual capital. Based on the above, this paper also studies the technology spillover effects in different R＆D organizations. The results are as follows： （ 1 ） the elastic value of enterprises＇ R＆D investments to technology contribution is about 0.02 - 0. 05 ; （2） technology spillo- vers between enterprises within the industry reduce the company＇s R＆D performance; （3） technology spillovers between asso- ciated enterprises or enterprise groups enhance the company＇s R＆D performance. It could be considered as the main R＆D form of high-technology enterprises.