Abstract：
Based on the non-balanced panel data of high-tech enterprises in Shenzhen and Shanghai form 2008 to 2015, this paper measures and analyzes the R&D efficiency of high-tech enterprises from a space-time perspective.It also empirically tests influencing factors of high-tech enterprises with fixed effect model. The results show that there is an inverted U relationship between the R&D endowment structure and the R&D efficiency of high-tech enterprises. The state-owned holding has a positive impact on the R&D efficiency while only postgraduate education and above can significantly improve it. Therefore, with funding policy support from the government, great importance should be given to market orientation as well as to the dominance of the innovation in high-tech enterprises so as to realize the innovation-driven market economic system. High-tech enterprises should gradually improve its R&D structure and focus on human capital structure coordination and rationality.
2018 
