This paper analyses the influence of R&D investment and knowledge stock on the innovative output of domestic-funded en-terprises based on the panel data of high-tech industry.The study finds that R&D investment is the main driving factor of commercial-ized innovative output of domestic enterprises.Domestic knowledge stock is the main factor of intermediate innovative output of domes-tic enterprises.Foreign technology introduction is helpful to the commercialized innovative output but harmful to intermediate innovative output.The technology spillover of FDI has little influence on the commercialized innovative output and intermediate innovative output of domestic enterprises.The conclusion shows that increasing R&D investment and strengthening the development and utilization of the domestic knowledge stock are essential ways to promote the innovative output of domestic enterprises.%利用高技术产业面板数据实证检验研发投入和知识存量对内资企业创新产出的影响,研究发现:研发投入是内资企业创新商业化产出的主要驱动力,国内知识存量是决定内资企业创新中间产出的关键因素,国外技术引进有利于内资企业创新商业化产出但不利于创新中间产出,外商直接投资技术溢出对内资企业创新中间产出和创新商业化产出的影响均不显著。研究结论表明,加强研发投入和国内知识存量开发利用是提高内资企业创新产出的主要途径。
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