Using the World Bank’s survey data about the investment environment of China’s firms, we analyze theoretically and test empirically how the Chinese firm’s ownership structures affect their R&D spending in the paper. The results show that their R&D intensity and frequency all present “N” type change tendency with the increase of controlling shareholding ratio. The results also show that the equity property has a different significantly impact on their R&D spending. The stateowned shares have a stronger effect on R&D through resource factor, while have a weaker effect on R&D through corporate governance. The privateowned shares have a weaker effect on R&D through resource factor, while they have a stronger effect on R&D through corporate governance. The firmowned shares have a stronger effect on R&D through both resource factor and corporate governance. The collective ownership shares have a weaker effect on R&D through both resource factor and corporate governance. The foreignowned shares have a moderate effect on R&D through resource factor, while they have the weakest effect on R&D through corporate governance.