本文运用我国CCER上市公司数据库72家样本企业2007-2011年360个观察值数据研究了企业R＆D投资对资本成本的长期和短期弹性，研究表明：我国企业R＆D投资对资本成本的短期弹性为-0.86，长期弹性为-1.29，与其它国家相比，属于较为敏感国家；2008年企业所得税改革虽然降低了企业R＆D投资的资本成本，但未发现有显著增强弹性的证据；国有控股也未显著减弱这一弹性。%This paper uses the panel data of China's 72 listed companies over the years of 2007-2011 to study the short term and long term price elasticity of R&D investment of companies in China .The results show that the short term price elas-ticity is -0.86 while the long term elasticity is -1.29, bigger than those of other countries .The Chinese company's R&D investment is therefore very sensitive to its capital price .It is also found that although the reform of income tax for Chinese companies in 2008 has lowered the capital cost of the R&D investment , there is no solid evidence to suggest that it has signif-icantly increased the price elasticity .Meanwhile , the state-ownership feature has not significantly lowered the elasticity , ei-ther.
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