Research On The Relationship Between Rejional R&D Capital And Economic Growth In China

Since the reform and opening up,China's economic development has achieved remarkable results,mainly due to the large number of idle natural resources and cheap labor.However,with the shortage of natural resources and rising labor costs,it is extremely urgent to transform economic growth from factor-driven to innovation-driven.The ability of scientific and technological innovation has gradually become an important indicator to measure the country's comprehensive strength and international competition.It is well known that scientific and technological innovation is difficult to quantify,and research R&D investment is a major factor in advancing technology,so R&D investment is often used to measure technology.Many economically developed countries have established R&D satellite accounts through in-depth research on R&D-related activities.In order to comply with the development of the world,relevant statistical units in China are also trying to conduct R&D data surveys according to international standards and improve R&D related statistical concepts.This paper firstly uses the BEA method extended on the basis of the perpetual inventory method,and reasonably selects the formulas and related indicators involved in R&D capitalization accounting,including the calculation formula of the base R&D capital stock;the selection of the R&D related price index,because there is no The R&D expenditure price index of each region is replaced by the GDP reduction price index of each region.For the selection of depreciation rate,taking into account the imbalance of development between regions in China,the country is divided into three regions: East,Central and West,which will be depreciated in turn.The rate is set to 18%,15%,and 12%.Based on the inter-provincial R&D expenditure data of China from 1998 to 2017,the capitalization of China's inter-provincial R&D expenditures is carried out,and a brief analysis of the final results of the accounting is made.It is concluded that the R&D capital stock in each region has increased year by year,but the annual increase However,there is a big difference in the R&D capital stocks of the three regions of East,Central and West,which are geographically divided,from high to low,in the eastern,central and western regions.Secondly,based on the theoretical basis of the extended Cobb-Douglas production function,on the basis of the two production factors of physical capital and labor capital,the R&D capital is used instead ofthe scientific and technological factors,and the inter-provincial panel data of China from 1998 to 2017 is used.The empirical analysis of China and the three regions of East,Central and West respectively,through a series of correlation tests and fitting results to comprehensively determine which model should be selected,and finally to establish a fixed effect model.From the regression results of the model,physical capital,labor capital,and R&D capital have a significant role in promoting economic growth.In terms of the impact of R&D capital on economic growth,R&D capital in the western region has contributed the most to economic growth.The eastern and western regions are lower.From the regression results of China and East,West and West,the three factors have a significant positive correlation with GDP,and the sum of the coefficients is greater than 1,indicating that there are increasing returns to scale,but the three production factors in the eastern,central and western regions are related to GDP.The role is completely different.Combined with the accounting results of R&D capital stock,the R&D capital in the eastern region is higher,but its conversion to technological factors has a lower impact on economic growth.Although the western region has a low stock of R&D capital,its contribution to economic growth is the highest among the three.This shows the phenomenon of high investment and low return in the eastern region and low investment and high return in the western region.Finally,based on the results of capital stock accounting and the empirical results,four policy opinions are put forward:(1)strengthen the statistics of R&D activities,improve the R&D capitalization accounting method;(2)based on China's national conditions,research on R&D capitalization accounting theory and Practice parallelism;(3)Improve the efficiency of R&D activities and give full play to the ability of independent innovation.