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本文估计了中国的R&D回归方程,重点讨论了制度对R&D效率和R&D溢出吸收效率的影响,主要发现包括:本地R&D资本对全要素生产率增长产生了阻碍作用,本国其他地区的R&D溢出资本对全要素生产率增长具有促进效应,但却不具有稳健性;外国R&D溢出资本提高了全要素生产率,且贡献远远超过了本国的R&D资本;制度是决定本地的R&D效率和R&D溢出吸收效率的基础性因素,产权制度更完备的地区,不仅当地R&D资本的效率更高,而且当地在利用本国和外国两种R&D溢出资本时的效率也更高.“,”This paper investigates the R&D regression equation of China. The results show that: local R&D influences total factor productivity (TFP) negatively; while the other region's R&D influences positively, but it is not robust; the foreign R&D promotes China's TFP effectively, and it is more important than domestic R&D. In addition, institution is the basic factor to determine the efficiency of local R&D and absorptivity of R&D spillover. If property right is more perfective, local R&D will be more efficient and absorptivity of R&D spillovet will be higher.