The Study Ofeffects Of Government’s Subsidies To Enterprises’R&D Investment

R&D investment is the basis of carrying out R&D activities, is also one of the important indicators reflecting a country’s capacity for independent innovation. Enterprises are the principal part of the R&D activities, and are also the main source of R&D investment, but enterprises’R&D activities have the feature of uncertainty and spillover, which will inhibit the enterprises’R&D investment. Therefore, it is necessary for the government to take some measures to intervene the enterprises’R&D activities. Government’s subsides is one of the widely used incentive methods. This paper will study the effects of government’s subsides from both the macro and micro perspectives. Furthermore, this paper divides the data into different type of industries and areas to study the heterogeneity of the government’s subside.From the macro perspective, firstly, this article uses the time series data from1991to2010to study the relationship of the government’s subsides and enterprises’ R&D investment. Secondly, this article uses the panel-data of large and medium-sized industrial enterprises from1997to2008, which is sorted by industry and region. Then uses the dynamic panel model to take empirical research of the relationship of government’s subsides and enterprises’ R&D investment. Furthermore this paper divides the data into high R&D industries and low R&D industries, and regional data is divided into eastern, central and western regions. And study them respectively. The results show that:(1) In general, the government’s subsides have a significant incentive to the enterprises’ R&D investment, and the last period of enterprise R&D investment,the loans from financial institutions, the lag item of new product sales revenue are also have significant incentive to the current enterprise R&D investment;(2) From the industry perspective, the effect of government’s subsides is more pronounced in the high R&D industries, while the lag period of new product sales revenue is shorter; the effect of government’s subsides is smaller in the low R&D industries, while the lag period of new product sales revenue is longer;(3) From the region perspective, the effect of government’s subsides in the eastern and central areas are more significant, while the western region is not significant. The lag period of new product sales revenue in the eastern and central areas is shorter, while the western region is longer. From the micro perspective, firstly, this article uses the survey data of2009, and uses independent-sample test analyze whether the government’s subsides have a significant differences. And this paper uses the enterprises data which are funded by government, and then uses the multiple linear regression analysis method study the factors influencing enterprises’R&D investment. Furthermore, we divide the enterprise data into high R&D industry, low R&D industry, and high-funded industry, low-funded industry. The results show that:(1) In general, the government’s subsides have an significant incentive to the enterprises’ R&D investment, and the external R&D investment of enterprises, the scale of enterprises, the new product sales revenue are also have an significant incentive to the enterprises’R&D investment;(2) From the R&D intensity perspective, the high R&D industry has a significant incentive to the enterprises’R&D investment. While the low R&D industry doesn’t have significant incentive effect;(3) from the funded rate perspective, the high-funded industry has a significant incentive to the enterprises’R&D investment. While the low-funded industry doesn’t have significant incentive effect;...