摘要
本文从中国R&D经费投入的实物期权特征出发,按照其对经济发展的作用路径分为资本属性和创新激励属性,并根据其投入的实际情况,重新设计Black-Scholes(B-S)期权定价模型。借助该模型测算了在一定的科技和经济发展水平下仅作为资本的R&D经费投入量。本文将测算值与R&D经费实际投入作比较,结果发现,在观察年度内,其创新激励属性对中国经济发展作用更显著。但是,2007—2014年,其资本属性对经济发展的作用逐年提升,不断增加的R&D经费投入愈来愈展现出其资本属性。鉴于中国多年来不断提高R&D强度的情况,本文提出对中国的R&D投入结构、投入规模做一定调整。
On the basis of the real option characteristics of R＆D input, we divided it into the capital attribute and the innovation incen- tive attribute according to its action path to the economic development, and made a new design for the Black-Scholes pricing model. On this basis, we measured the amount of R＆D funds which was only as capital in a certain level of technology and economic develop- ment. We compared the measured value with actual R＆D input, and found that the innovation incentive attribute had more significant effect on Chinese economic development. However, the role of capital attributes on economic development had increased from 2007 to 2014. The increasing R＆D input had increasingly shown its capital attributes. In view of the continuous improvement of R＆D intensity o- ver years, we proposed to make some adjustments to R＆D investment structure and scale in China.
出处
《中国科技论坛》
CSSCI
北大核心
2018年第2期38-45,54,共9页
Forum on Science and Technology in China
基金
安徽财经大学2016年研究生科研创新基金(ACYC2016110)
国家社会科学基金项目"资源环境约束下全要素生产率增长的测度方法拓展与实证分析研究"(14BTJ011)
