Abstract: In order to deeply analyze the mechanism and impact of governmental funding in the process of corporate R&D investment，this article incorporates the policy of governmental funding into the decisionmaking process of corporate R&D investment，analyzes the mechanism of governmental funding policy on decision of corporate R&D investment，and further explores how governmental R&D funding affects the expected R&D benefits and reaction mechanism of corporate in the context of R&D uncertainty Theoretical models have found that governmental R&D funding has an incentive effect on Corporates own R&D investment The dynamic changes in the model indicate that there is a “learning by doing” effect in the corporate R&D activities Governmental funding has a dynamic impact on the corporate R&D investment In addition，based on the China Innovation Corporates Survey Database，the article empirically tests the impact of governmental R&D funding on corporate R&D investment The empirical results show that governmental R&D funding can effectively enhance corporate R&D investment，and this incentive effect is a dynamic process
The differences and potential innovations from existing literature lie in：Firstly，the article constructs a theoretical model to incorporate governmental funding into the decisionmaking framework of corporate innovation investment，and analyzes the mechanism by which governmental funding affects the R&D investment of corporate; Secondly，by analyzing the uncertain costs of governmental funding in reducing corporate R&D，and stimulating the enthusiasm of corporate to carry out innovation activities，corporates have a “learning by doing” effect in the process of innovation The accumulation of knowledge stock can improve the success rate of corporate innovation，enhance the expected R&D returns of corporates，and governmental funding has a dynamic impact on the corporate R&D investment; Thirdly，based on the China Innovation Corporates Survey Database，establish a policy evaluation model，and use a multi period DID model to analyze the policy impact of governmental funding on corporate R&D investment; Fourthly，through lag models and mediation effects models，we empirically test the dynamic effects and mechanisms of governmental funding on corporate R&D investment
The theoretical significance of this article lies in expanding the traditional R&D investment model from the perspective of corporate R&D investment decisionmaking，and quantitatively analyzing the impact of governmental funding on corporate R&D investment The practical significance of this article lies in the evaluation of the policy effects of governmental funding on corporate R&D，revealing that the key of governmental funding affecting corporate R&D investment is to reduce the cost of uncertainty in R&D The policy implication of this article is that corporate innovation is a key factor in achieving highquality economic development The government should better enhance the effectiveness of R&D funding policies

Key words: corporate R&, D investment；governmental funding；corporate expectation；knowledge stock；dynamic effect

摘要： 本文通过将政府资助政策纳入企业研发决策过程，拓展了传统的R&D投资模型，利用中国创新企业调查数据，基于多时点DID方法，分析了政府资助影响企业研发投入的作用机制和效应。研究结果显示，政府资助能够激励企业增加研发部门的投资比例，对企业研发投入存在“激励效应”，在非高新技术行业的影响效应更为明显；政府资助提升企业研发投入的作用机制在于通过引导企业开展创新活动，企业研发过程存在“干中学”效应，企业的知识存量水平增加，从而对企业研发投入产生动态影响。本文研究为更好发挥政府资助政策对企业创新的激励作用，以及设计有针对性的创新扶持政策，提供了一定借鉴和启示。

关键词: 企业研发投入, 政府资助, 企业预期, 知识存量, 动态效应