Empirical Research on Government R&D Funding, Financial Credit and Different Growth Stages of Enterprises

Abstract

Abstract:

Taking the high-tech industry as an example, this paper divides the high-tech industry innovation into three stages:"basic research", "applied research" and "production development". It studies government R&D funding and financial credit for different stages of high-tech industry innovation effect. Using the effective data of high-tech industries from 1999 to 2008, this paper quotes the "Douglas" production function and applies the panel data model for regression. It is found that government R&D funding has a positive impact on the three stages of high-tech industry innovation. Government R&D funding plays a more prominent role in the "basic research" phase, while financial credits have a weaker impact on the three phases than government R&D funding. At the same time, there are also differences between the "basic research" phase and the "production development" phase. In addition, introducing the ownership structure to carry out panel regression of interaction items, this paper finds that government R&D funding has a greater impact on high-tech companies with fewer state-owned components. Financial credits have no apparent effect on companies with different property rights.

Key words: government R&D funding, financial market credit, high-tech industry, government influence on industry

Li Xingong. Empirical Research on Government R&D Funding, Financial Credit and Different Growth Stages of Enterprises[J]. , 2018, 30(10): 73-81.

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