| Technology decide the future. Study the laws of science and technology resources is important for improving the resource allocation efficiency and the development of science and technology. Research on the R&D cyclicality of enterprises and government can provide corresponding basis for the implementation of macroeconomic regulation policy to improve the efficiency of government and enterprise resources and to build China into an innovation-oriented country.Through descriptive analysis, we find a huge growth of R&D input in recent years. Besides, enterprises begin to dominate R&D investment. But compared with developed countries, China’s R&D intensity is still in a lower level.We carry out the empirical study based on 29 manufacturing industries, using the panel data model, causality test and cointegration regression method. The main conclusions are:(1) Enterprise R&D expenditure is pro-cyclical and the cyclicality of government R&D expenditure is not obvious; (2) Financial constraints is the key leading enterprise R&D to be pro-cyclical. Solve financial constraints can weaken the pro-cyclicality of enterprise R&D and when financial constraint reaches a certain level, enterprise R&D investment will be counter-cyclical; (3) Government R&D expenditure has a promoting effect on the enterprise R&D expenditure, especially in the economic downturn, the promoting effect will be much stronger. Therefore, adding government R&D expenditure during economic recession can be a useful way to weaken the pro-cyclicality of enterprise R&D. |
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