| Abstract | The two-stage semi-parametric DEA method as well as some of the arguments of innovation economics and new growth theory is applied to calculate the R&D efficiency scores and analyze potential influencing factors for 22 countries including China. The results of efficiency calculation and empirical test show that, (1) China’s R&D efficiency ranks high among the 22 countries and is in a gradual increasing trend; (2) Demographic structure, firm-level R&D, ICT infrastructure, economic size and openness, and natural resource endowments have significant impacts on R&D efficiency; (3) Other influencing factors involve developing stage, financing structure, market environment, government governance and etc.; (4) The high R&D efficiency of China can be attributed to its fairy young demographic structure, active firm-level R&D, huge economic sizes and high openness of economy. To maintain its high R&D efficiency and further enhance its innovation capacity, Chinese government should endeavor to increase the coverage of ICT infrastructure and improve its market regulation and governance, creating a good circumstance for firm-level R&D activities. |