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责任编辑：林英泽

（Beijing Academy of Social Sciences，Beijing100101，China）

Abstract：The purpose of government R&D funding is not only to encourage enterprises to invest more in R&D，but also to stimulate more innovation output. With the help of scientific data of industrial enterprises in Beijing，from such two angles as enterprise R&D investment and innovation output，the author carries out the empirical test on the threshold effect of government R&D funding，and analyzes the influencing way of such four factors as funding strength，technology level，enterprise scale and property right structure on incentive effect. It is found that：first，there is obvious threshold effect in the effect of government R&D funding on enterprises R&D investment，and the incentive effect is sensitive to funding strength and property right structure；second，the incentive effect of government R&D funding on innovation output is comparatively low，the threshold effect is not obvious，and the incentive effect of government R&D funding on innovation output is only sensitive to technology level；third，though the amount of R&D stock capital is the important variable of enterprise R&D investment，it is not the critical determinant of innovation output；fourth，government R&D funding has greater effect on large enterprises；and fifth，though government R&D funding could have incentive effect on R&D investment of state- owned enterprises，it could have only very limited incentive effect on innovation output.

Key words：government R&D funding；innovation output；threshold effect；funding strength；incentive effect