Abstract: Selecting fixed assets, labor and S&T invest as input factors, sales as output factor, this paper estimates the elastic of S&T invest in different provinces to high-tech sales base on varying-coefficients estimation by dynamic panel data. The results show the elastics of S&T invest in different provinces has theire own characteristics. The elastics in middle area and west area are higher than west area. The elastic of dynamic panel data is lower than that of common panel data.