中国企业面临的内外部激励机制对其技术创新行为的影响如何?什么才是中国企业技术创新的最优激励机制?这是本文研究的核心问题。企业技术创新的激励机制主要包括来自政府的外部政策激励、来自企业的内部激励以及市场环境的激励效应。政策激励手段主要包括财政补贴和税收优惠等，我国推出的高新技术企业认定是一项涵盖财政补贴、税收优惠等多种激励手段的系统性技术创新激励政策，在我国的创新激励政策体系中具有很高的代表性；来自企业内部的激励主要可以分为现金激励与股权激励，其中股权激励是企业技术创新的主要内部激励方式；市场环境主要包括市场需求规模、市场竞争程度等维度。基于此，本文试图从三个角度分析我国企业技术创新的激励机制：一是以我国高新技术企业认定为切入点研究我国政府实施的税收优惠、财政补贴等激励政策对企业技术创新的作用；二是以我国企业的股权激励为切入点研究企业实施的内部激励措施对其技术创新的影响；三是从市场竞争程度、市场需求规模等视角分析市场环境对企业技术创新的激励效应。本文探究我国企业技术创新的激励机制，试图为我国制定更有效的产业政策、技术创新激励政策，提升企业自主创新能力和实现建设创新型国家的目标提供建设性意见。 首先，本文以研发投入占营业收入的比重、研发投入与固定资产投资的比值等衡量企业技术创新投入强度，采用普通最小二乘法估计、倾向得分匹配法以及断点回归法对2009～2015年间304家首次公告获得高新技术企业认定的上市公司微观数据进行多种形式的检验，考察我国政府通过高新技术企业认定来实施的综合性优惠政策对企业中期和短期技术创新投入的影响。对所有样本以及分行业、分年份、分最终控制人性质、分地区的样本进行多种形式的OLS回归检验、倾向得分匹配法检验和断点回归检验均显示政府通过高新技术企业认定来实施的综合性优惠政策并没有显著激励我国企业的中期、短期技术创新活动。 其次，本文以首次公告实施股权激励和从未实施股权激励的上市公司2012～ 2016年数据为研究样本，同样采用普通最小二乘法估计、倾向得分匹配法以及断点回归法实证检验了我国企业实施的股权激励对其技术创新行为的激励效应。多种形式的OLS回归、断点回归以及倾向得分匹配法检验均显示股权激励既没有改变企业研发投入占营业收入的比重，也没有影响企业研发投入与固定资产投资之比；按年份、行业、地区、最终控制人性质对样本进行的分组检验也得出了一致的结论。影响企业技术创新的主要内部因素是企业的技术创新传统、盈利能力和负债能力等。我国的股权激励还主要是一种福利型的制度安排，暂时没有显著发挥技术创新激励效应。 再次，本文对国家统计局2005～2007年工业企业数据库的微观数据进行了计量分析，研究了市场竞争程度和需求规模对企业技术创新的影响。结果表明，市场竞争程度、市场需求规模与企业技术创新投入均存在显著的倒U型关系，当竞争程度处于一个适中水平时，企业既有技术创新能力又有技术创新压力，技术创新投入达到最大；而过度竞争或过度集中都不利于技术创新。相似地，企业面临市场需求规模达到一定阀值时，技术创新投入达到最大，企业面临市场需求规模过大或者过小都不利于技术创新。市场需求是大企业技术创新的主要驱动力，而市场竞争则是小企业技术创新的主要动力。 最后，基于上述研究结论，本文从完善政府激励政策、企业内部激励方案以及优化市场环境等角度提出了促进我国企业技术创新的政策建议。 关键词：企业技术创新 政府政策激励 内部股权激励 市场环境激励

 How do the internal and external incentive tools influence corporate innovation in China? What is the core factor that stimulates technological innovation of Chinese enterprises? This is the key topic to be studied of this dissertation. The policy incentives mainly include financial subsidies and tax incentives. Among all policies lauched by the government,the High-tech Enterprise Certification is recognized as a representative and systemic technological innovation incentive policy covering various incentive tools including financial subsidies and tax incentives; incentives from within enterprises can be divided into cash incentives and equity incentives, and equity incentives are surely much more important than others; market environment mainly includes dimensions of market demand, market competition, and other aspects. This dissertation attempts to analyze this issue from three aspects: Firstly,we analyze the effect of government policies by studying the impact of High-tech Enterprise Certification on innovation input; the second is to study the impact of internal incentive measures on enterprises’ technological innovation by looking into equity incentives among Chinese enterprises; thirdly, the impact of market environment is analyzed from two dimensions: market competition degree and market demand scale. In this way, we try to explore the true mechanisms of technological innovation in China and propose suggestions for more effective policies. First of all, we measure the intensity of innovation input by the ratio of R&D input to operating income and the ratio of R&D input to the investment in fixed assets. We obtain the newest micro-data of listed companies and use various forms of Ordinary Least Square method, Propensity Score Matching method and Regression of Discontinuity Design to examine the influence of High-tech Enterprise Certification on mid-term and short-term technological innovation among enterprises and find no significant impact. Secondly, we use various forms of OLS regression, Propensity Score Matching methods and Regression of Discontinuity Design to test the impact of equity incentives implemented by Chinese enterprises. By studying the newest micro-data of listed companies, we get to know that equity incentives do not change ratio of R&D input to operating income or the ratio of R&D inout to the investment in fixed assets. Equity incentives in China do not significantly influence coporate innovation in China. Furthermore, based on the enterprise level data between 2005 and 2007 from China Industrial Enterprise Database, this dissertation analyses how enterprise technology innovation is influenced by market competition and demand scale. We find out an inverted-U shaped relationship between R&D input and competition and a similar inverted-U shaped relationship between R&D input and demand scale. But enterprises of different size innovate through different mechanisms: innovation of large enterprises is more demand-driven while that of small enterprises is more competition-driven. Robustness is tested and confirmed through an alternative choice of sample data and key indicators. Finally, this dissertation puts forward policy suggestions to promote technological innovation from the perspectives of adjusting government’s incentive policies, companies’ internal incentive programs and optimizing the market environment. Key words: Enterprise Technical Innovation, Government Policy Incentives, Equity Incentives, Market Environment Incentives