摘要
文章旨在考察政府的R&D资助强度,是否会对受资助企业的R&D投入强度带来挤入或挤出效应,力图寻找出企业受资助的最优均值,以避免政府资助反向抑制企业R&D投入。基于2011-2014年惠州市工业企业数据为样本,通过系统GMM估计进行实证研究。研究发现,政府的经费支持在企业研发投入的初始阶段具有激励作用,而当政府的支持力度超过最优补贴值时,继续资助的行为反倒会挤出企业的R&D投入。在进一步研究中还发现,当考虑政府行为的滞后性等因素后,政府资助对企业的研发投入同样呈现出"先挤入、后挤出"的影响;企业新的研发投资决策会受过往投入水平的影响,形成一种"投资行为习惯"效应。
This paper aims to examine whether government subsidy on an enterprise' s R&D exerts a crowding-in or crowding-out effect on the subsidized company, trying to determine the optimal mean value of R&D subsidy, in order to prevent government subsidy from reversely impeding a company's R&D investment. Based on the industrial enterprise in Huizhou during 2011-2014 as sample, and through the system GMM estimation for empirical research, it is found that government subsidy motivates a company' s R&D input in the initial stage, however, when the amount of subsidy exceeds the optimal mean value, the continuing support would crowd out the company's R&D investment. Further study discovers that when taking into consideration such facfors as time lag of government behavior, subsidy from government also has a "crowding-in first, crowding-out then" effect on the subsidized company. Furthermore a company' s decision on new investment in R&D would be affected by the previous investment level, which is an effect called "habitual investment behavior".
出处
《惠州学院学报》
2016年第2期48-53,共6页
Journal of Huizhou University
基金
广东省软科学基金项目(2012B070200023)
惠州市软科学基金项目(2013J1609)
关键词
企业R&D投入
政府资助
挤入效应
挤出效应
系统GMM
company' s R&D investment
government subsidy
crowding-in effect
crowding-out effect
System GMM