基于“双源”资本和异质性视角，本文采用2006-2017年“走出去”的中国制造业上市公司数据，实证考察了研发投入这一“内源资本”对企业国际化绩效的边际效应；并进一步讨论了“外源资本”政府补贴对这种边际效应的“杠杆作用”。研究表明：（1）企业“内源资本”研发投入能够显著提升国际化绩效，且这一作用在非国有企业、中部企业以及风险承担水平更高的企业中表现尤为明显，考虑内生性问题后，该结论仍具有稳健性；（2）企业“外源资本”政府补贴并未与“内源资本”研发投入形成较好的协同效应，相反，还会削弱研发投入对企业国际化绩效的促进作用，且这一作用突出地体现在非国有企业、中部企业以及风险承担水平更高的企业中。上述结论为不同类型的企业合理进行研发活动以及优化政府资源配置，并最终加快制造业企业“走出去”步伐提供针对性建议。

Based on the perspective of “dual source” capital and heterogeneity, this paper uses the“going out” data of listed companies in China''s manufacturing industry from 2006 to 2017, empirically examines the marginal effect of R&D investment, the "internal capital", on the internationalization performance of manufacturing enterprises; Furtherly, this paper discusses the heterogeneous “leverage effect” of government subsidies on this marginal effect from the perspective of “external capital”.The research shows that: (1) As the “internal capital” of enterprises, R&D investment can significantly improve the international performance of manufacturing enterprises, and this effect is particularly significant in non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. After considering the endogenous problem, this conclusion is still robust; (2) As “exogenous capital”, the government subsidies do not form a good synergy with “internal capital”. On the contrary, government subsidies will even weaken the positive effect of R&D investment on the international performance of enterprises, and this role is prominently reflected among non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. The above conclusions provide targeted advice for different types of enterprises to rationally conduct R&D activities and optimize the allocation of government resources, and ultimately accelerate the “going out” pace of manufacturing enterprises.

F812.45; F273.1

国家自然科学基金项目（面上项目，重点项目，重大项目）