Abstract: The National Key R&D Programs of China represents a concrete measure to uphold innovation-driven development, while total factor productivity serves as a key metric for evaluating enterprises' transition toward innovation-driven growth. The impact of the National Key R&D Programs of China on enterprises' total factor productivity requires scientific assessment. Based on the data of manufacturing enterprises on the A-share main board from 2011 to 2023, this paper conducts an empirical study by using the staggered double difference model. The findings show that national key R&D projects have a significant effect on improving the total factor productivity of manufacturing enterprises. This effect is achieved through promoting open innovation and improving the dual mechanism of resource allocation. Among them, improving resource allocation includes increasing attention resource allocation, talent allocation, and capital allocation. Meanwhile, this effect exhibits heterogeneity due to the differences in industries and in enterprise characteristics. To this end, it is necessary to further increase the proportion of enterprises' participation in national key R&D programs, deepen collaborative innovation between industry, academia, and research institutes, broaden public supervision channels, and build a diversified funding system with hierarchical classification to fully leverage the role of national key R&D programs.

Key words: national key R&D programs of China, open innovation, resource allocation, total factor productivity