在我国深化体制机制改革的关键时期，如何有效促进企业的研发投入，是一个急需研究的理论和现实问题。主流理论认为，政府对企业发放的财政补贴促进了企业的研发投入。但是，这种促进作用的效果如何？论文以深交所1 466家上市公司为样本进行实证研究，发现财政补贴对企业的研发投入产生了正向影响，这支持了主流理论，认为目前我国大多数地区普遍采取的通过财政补贴来促进研发投入的措施是合理的。进一步，笔者引入了在我国普遍存在的包括国有产权性质和企业高管政治关联在内的政企关系并实证发现，政企关系的引入降低了财政补贴对研发投入的促进作用。可见，政企关系不利于企业的研发投入，而要发挥财政补贴对研发投入的促进作用，需采取措施降低国有产权和政治关联等政企关系在研发投入中的作用。

In the critical period of deepening the reform of institutions, how to boost R&D investment of corporations constitutes both a theoretical and practical problem. The mainstream theory believes that government subsidies promote corporations’ R&D investment. But the effect of this promotion is remained to be verified. Based on the data drawn from 1,466 listed companies in Shenzhen Stock Exchange, we findthat governmental subsidies do have positive effects on R&D investment, so it is justifiable to adopt financial subsidies to boost R&D input in most areas. Furthermore, we introduce the government-enterprise relationship including political connection and state-owned property right that is prevalent in China into the empirical study and find that government-enterprise relationship inhibits the facilitation governmental subsidies have on R&D. Hence, government-enterprise relationship has negative effects on R&D input. In order to make financial subsidies play a catalytic role to R&D, we should take measures to mitigate the unfavorable influence of government-enterprise relationship such as political connection and state-owned property right on R&D.

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北京市社会科学基金重点项目“财政补贴和风险投资在北京上市公司技术创新中的耦合机制研究”（15JGA027）；，教育部人文社科基金规划基金项目“风险投资和财政补贴在上市公司技术创新中的耦合机制研究”（16YJAZH016）;对外经济贸易大学培育项目“财政补贴和风险投资对技术创新和IPO市场效率的影响研究”（16PY60-15JGA027）