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Abstract In this study，government R&D funding policy is divided into two ways：direct way and indirect way，which is referred to as financial support and tax preference，and then some research on the issues about the relationship between policies and enterprise innovation investment and innovation performance are carried out respectively. Based on the data from 1002 high-tech enterprises，it is concluded as follows. Firstly，with the financial support，enterprise R&D investment is prone to cause the crowing-out effect，while tax preference is trended to produce the leverage effect.Secondly，the former has a stronger influence on human inputs while the latter has a stronger influence on enterprise R&D investment.Thirdly，the former has a greater impact on the enterprise innovation performance though both of enterprise R&D investment and tax preference plays an important role in improving innovation performance. Finally, the former has a greater impact on the innovation performance of micro and start-up enterprises, while the latter has a greater impact on the innovation performance of large enterprises.
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Received: 01 July 2015
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2015, Vol. 12 
