This paper uses SFA to empirically measure the innovation efficiency of military listed companies from 2009 to 2016, and discusses the impact of defense technology financing methods on its innovation efficiency. The results show that the efficiency of Chinas national defense science and technology innovation has been improved year by year, but the increase rate is slow. R&D expenses and R&D technology personnel have a significant positive impact on innovation efficiency, and there are big differences in innovation efficiency between different industries. Endogenous financing, bond financing and government subsidies have a significant role in promoting the efficiency of national defense science and technology innovation. Equity financing has a certain negative impact, and the impact of bank loans is not significant. Diversified financing methods can enhance the innovation efficiency of invention patents and utility model patents as output variables, and the expansion of financing channels will inhibit the innovation efficiency of design as output variables. Through the interaction test, it reveals that profitability and industry monopoly will have an impact on the relationship between financing methods and national defense technology innovation efficiency.

本文运用SFA对军工上市企业2009—2016年的创新效率进行实证测量，探讨了国防科技融资方式对其创新效率的影响。结果发现：我国国防科技创新效率逐年提升，但上升幅度较小，研发费用与科技人员数量对创新效率有显著的正向影响，且不同行业之间创新效率存在较大差异；内源融资、债券融资以及政府补助对国防科技创新效率有显著促进作用，股权融资则有一定的抑制作用，银行贷款的影响并不显著；多元化的融资方式能够提升发明专利和实用新型专利为产出变量的创新效率，而融资渠道的扩展会抑制外观设计为产出变量的创新效率；通过交互作用检验，发现盈利能力和行业垄断程度会对融资方式与国防科技创新效率的关系产生影响。