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

摘要： [摘要]高新技术企业作为我国“十二五规划”中发展的重点和科技研发主体力量，企业R&D投入能否转化为有效产出和核心技术是政府部门和企业关注的重点。针对传统的“永续盘存法”对知识资本积累估计的局限性，本文引入知识资本动态积累模型并利用动态面板模型（DPD）测算了四个不同行业高新技术企业研发投入转化为技术的效率及知识资本积累的折旧率。在此基础上，考查了不同研发组织模式的技术溢出效应，研究结果表明：（1）高新技术样本企业知识资本折旧率大约为0.2～0.4；（2）企业研发投入对技术形成的贡献弹性为0.02～0.05；（3）企业研发过程中的技术协同多产生于同行业内关联企业或者企业集团内部，行业内的企业之间、行业间的关联企业或者企业集团内部存在较明显的技术外溢现象。