Abstract: Abstract：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 that the governmental department together with the firm concerns about. Concerning to the estimate limitations of the traditional "Perpetual Inventory Method" of knowledge capital accumulation, this paper brought in a knowledge capital accumulation dynamic model , and using the dynamic panel model (DPD) to estimate the affects of the four different industries high-tech enterprises’ R&D investments on technology efficiency and calculated the corresponding industry’s depreciation rate of intellectual capital. Based on the above, this paper also studied the technology spillover effects in different R&D organizations , which showed that: (1) the samples of new and high technology enterprises’ knowledge capital depreciation rate is about 0.2-0.4; (2) the elastic value of enterprise R&D investments to technology contribution is about 0.02-0.05; (3) the enterprise technology collaborative overflow effect always comes about among the same industry associations companies or the enterprise group's internal parts, and the other forms of research and development organization gives unobvious contribution to R&D efficiency promotion.

Key words: R&, D efficiency