Abstract: R&D activity is the engine of innovation. Institutional arrangements and R&D investment are key factors and important constraint conditions affecting innovation. This paper discussed the effect of local government behavior and its R&D investment to innovation. Firstly, the author introduced panel data model containing Dummy Variables to analysis the relationship between them and regional differences. Secondly, a threshold regression model was applied to study the deep-seated reasons of the difference. The results show that the optimal value of the fiscal decentralization and the government R&D investment in theory exist. If they deviate from the optimal value, they will affect the level of innovation. Therefore, it is necessary to maintain a moderate fiscal decentralization and to ensure a reasonable scale of government R&D investment. Based on the empirical results, the author proposed the direction of further research.

摘要： R&D活动是创新的引擎，制度安排以及R&D投资是影响创新的关键因素，也是重要的约束条件。文中探讨了地方政府行为及其R&D投资对创新的影响作用，利用引入虚拟变量的面板数据模型分析了前者对创新的作用及存在地区差异性，并运用门槛回归模型研究了该差异产生的深层次原因。研究结果表明，财政分权和政府R&D投资存在理论上的最佳值，偏离该最佳值会影响到创新水平。因此，保持适度的财政分权及确保合理政府R&D投资规模非常有必要。基于实证研究结果，提出了进一步研究的方向。