在提升研发要素投入规模的同时，研发要素市场扭曲极易引致创新资源浪费与效率低下，特别是目前研发要素市场机制尚未健全，非合理的研发政策甚至可能加重这一现象。本文在分析研发政策、研发要素市场扭曲与创新效率的影响机理基础上，选择2000-2019年省级面板数据考察研发政策对创新效率的直接影响以及分区域差异影响，再探究其影响的传导路径。结果显示，研发要素市场存在一定程度的反向扭曲态势与明显区域差异性；研发政策异质性效应显著，且在四大区域实施效果在东部最好，中西部适中，东北最差；在路径探索中，研发补贴、户籍管理、财政激励均能作用于研发资本和研发人员要素市场扭曲影响创新效率，而知识产权保护仅作用于研发资本市场扭曲影响创新效率。

At the same time of increasing the investment scale of R&D factors, market distortion of R&D factors can easily lead to waste of innovation resources and low efficiency, especially at present, the market mechanism of R&D factors is not perfect, and irrational R&D policies may even aggravate this phenomenon. Based on the analysis of the impact mechanism of R&D policy, market distortion of R&D factors and innovation efficiency, this paper selects provincial panel data from 2000 to 2019 to investigate the direct impact of R&D policy on innovation efficiency and the impact of regional differences, and then explores the transmission path of the impact. The results show that the market of R&D factors has a certain degree of reverse distortion and obvious regional differences. The heterogeneity effect of R&D policy is significant, and the implementation effect is best in the east, moderate in the middle and west, and worst in the northeast. In the path exploration, R&D subsidies, household registration management, and financial incentives all affect the distortion of R&D capital and R&D personnel factor market and affect innovation efficiency, while intellectual property protection only affects the distortion of R&D capital market and innovation efficiency.

F124.3

国家社科基金青年项目“数字经济时代中国全要素生产率增长的实现路径与政策体系研究”（21CJY025）