以“十五”期间高技术产业化专项企业调查数据为样本,实证分析政府推动高技术产业化专项投资的效果。研究发现,专项投资不仅促进企业R&D投入增加和科研成果商业化与规模化,而且提升了企业的技术水平和国内、国际竞争力,但是难以提高企业R&D投入努力程度和劳动生产率。进一步研究发现,在专项投资来源中,银行贷款投资效果最好,但中央资助和地方政府配套资金使用效果较差。中国政府推动高技术产业化对于培育战略性新兴产业具有积极意义,但政府资助金的使用效果亟待改进。 Taking the survey data of high-tech industrialization special enterprises during the “Tenth Five-year Plan” period as samples, the author analyzes the effect of the government’s special investment in promoting high-tech industrialization. The research shows that the special investment not only promotes the increase of R & D investment and the commercialization and scalability of scientific research, but also enhances the technological level and domestic and international competitiveness of enterprises. However, it is difficult to improve the R & D investment and labor productivity of enterprises. Further study found that in the special investment sources, the bank loan investment best, but the central government funding and local government funding is less effective. The promotion of high-tech industrialization by the Chinese government is of positive significance for fostering strategic emerging industries, but the effect of government subsidies needs to be improved urgently.