Research On The Impacts Of Government's Investment In Science & Technology To The Expenditure Of Enterprise's R&D

From the macro perspective, this paper systematically analyzed the impact of Chinesegovernment's science and technology funding policy on R&D expenditure of enterprises. Theanalyzing method used in this paper is a combination of empirical analysis and normativeanalysis. First, the mechanism of funding policy on R&D expenditure of enterprises istheoretically analyzed. Based on the theoretical analysis, this paper constructed an econometricmodel for the empirical analysis of the impact of Chinese government's science and technologyfunding policy on R&D expenditure of enterprises, taking the large and medium-sizedenterprises as sample. Considering policies having different effects on different industries, thispaper takes hi-tech industry as the object of the study. In addition, this paper compared theeffects of funding policy on R&D expenditure of state-owned enterprises and foreign-investedenterprises. The conclusion is that: Government technology funding large and medium-sizedindustrial enterprises has leverage effect on China's large and medium-sized industrialenterprises in the R&D expenditures, government technology funding universities and scientificresearch institutions has crowding-out effect on China's large and medium-sized industrialenterprises in the R&D expenditures, government Technology funding has better promotionaleffect on foreign-invested enterprises than on state-owned enterprises. Based on the Empiricalanalysis, this paper proposes corresponding countermeasures to establish a benign governmenttechnology funding policy.