Abstract: Abstract: Based on the theory of R&D investment derived from the by marketization process in enterprises, how does the marketization process affect on the R&D investment of enterprises with different property right characteristics is empirically studied. The results show that: (1) on the whole, the marketization process is positively correlated to the enterprise’s R&D investment, but the combined function of marketization process and industry competition affects on the enterprise’s R&D investment significantly ; (2) R&D investment in private companies and central enterprises are more sensitive to the marketization degree, and these type of enterprises are 2.6 and 2.3 times as sensible as the companies controlled by the local government respectively, and are 2 and 1.8 times as sensible as the listed companies controlled by the local enterprise group respectively; (3) comparing with the companies which are directly controlled by the local government, the effect that the marketization process facilitates the R&D investment of enterprise group is more obvious; (4) only if the marketization process reaches certain degree, the value effect R&D investment could manifest because of the substantial improvement of the market environment; however, with a short-term goal, the intervene from the local government could probably impair the marginal contribution of marketization process to the enterprise’s R&D investment value. The conclusions provide the evidence for making further improvement market driving mechanism of R&D investment for the enterprises, and for improving property right constraint conditions of R&D investment.

Key words: marketization process, market competition, R&D investment, property characteristic