Abstract: Based on the panel data of 31 provinces except Hong Kong, Macao and Taiwan from 2004 to 2018, the index of innovation factor flow is constructed based on the gravity model, and the spatial error model and the panel threshold regression model are used to empirically analyze the relationship between innovation factor flow and regional innovation capability, and regulatory role and best interval of government intervention?and marketization are further discussed. The results show that: (1) innovation factor flow has a significantly positive impact on regional innovation capacity of the inflow areas; (2) Both government intervention and marketization significantly promote innovation factor flow to exert its innovation effect, and the regulatory ability of government intervention is stronger than that of marketization; (3) the single threshold value exists in the regulatory role of government intervention on innovation factors, when the government intervention degree is higher than the threshold value, the role will be weakened or even insignificant, and the single threshold effect only exists in the regulatory role of marketization on R&D capital flows, that is, when the marketization degree is higher than the threshold value, the regulatory role is significant.

Key words:  regional innovation ability, innovation factor flow, government intervention, marketization