Abstract: This paper uses the panel data of China 72 listed companies over the year 2007-2011 to study R&D investment short term and long term price elasticity. And the study shows that China R&D investment short term price elasticity is about -0.86,the long term elasticity is -1.29,this number is bigger than other countries’ ,those countries are around -1,So China R&D investment is very sensitive to its price.We also find that the reform of China company income tax in 2008 raise the R&D price elasticity and the state-owner feature lows it but both are not positive in statistcs.

摘要： 本文运用我国上市公司CCER数据库72家样本企业2007-2011年360个观察值数据，研究了企业R&D投资对资本成本的长期和短期弹性，研究表明，我国企业R&D投资对资本成本的短期弹性为-0.86，长期弹性为-1.29。这弹性和其它国家相比，属于较为敏感国家，多数国家测算结果在-1附近；2008年企业所得税改革虽然降低了企业R&D投资的资本成本但未发现显著增强弹性的证据；国有控股也未显著减弱这一弹性。