基于我国29个省市规模以上工业企业数据，采用面板数据模型、面板门槛回归模型实证研究了R&D资金投入与R&D人员投入对企业利润的作用特征及两者的协调效应。研究结果表明：R&D资金投入与R&D人员投入具有协调作用机制，只有研发资金与人员协同的企业才能实现超额利润。R&D资金投入存在最佳规模，中等规模下资金投入对企业利润的弹性系数最大。R&D人员投入水平较高时，R&D资金投入对企业利润的弹性系数较大。由于我国R&D人员投入水平整体偏低，且高素质研发人员较为匮乏，人员投入对企业利润的影响并不显著。

Based on the data of industrial enterprises above designated size in 29 provinces, the paper carries out an empirical research to study the effect of R&D capital investment and R&D personnel input on corporate profit and their coordination effect. The result shows that: synergistic effect between capital investment and personnel input is significant, only collaborate R&D funds and personnel can enterprises achieve excess profits. There is a best scale of R&D capital investment, coefficient of elasticity of corporate profits is the biggest with the medium size. When the R&D personnel input is higher, the coefficient of elasticity that R&D capital investment makes contribution to the corporate profits becomes much bigger. The contribution to corporate profits from R&D personnel input is not significant because of lower input and lack of high-quality personnel.

国家自然科学基金青年项目（71601087）、教育部人文社科基金青年项目（15YJC630088）、江苏教育厅高校哲学社科项目（2014SJB818）