Study On The Relationship Between Government-funded And R&D Investment Behavior Of The Corporation

The state of enterprise R&D investment fund is one of the important measures of national industrial policy,which not only is an important way to realize the national industrial structure adjustment and transformation and upgrading of the economic structure,but also the world economy the only way which must be passed almost all incentive research activities.However,due to the asymmetry of information and the existence of the principal agent problem,the relationship between the state aid and the investment behavior of R&D is very complicated.In this paper,China's equipment manufacturing enterprises R&D investment as research samples,research on various factors of national financial intermediary policy effects and influence policy effects on enterprise R&D investment is how to influence the investment behavior of R&D.This paper reviews the factors that may affect the enterprise R&D investment,these factors include state funded enterprises,technical characteristics,the level of corporate governance,the relationship between these factors into a logical framework of this paper from the three dimensions of state funded enterprises and R&D investment behavior was studied.After the establishment of the multiple regression model,the role of government support in the relationship between state aid and corporate R&D investment is verified from the national support dimension,the industry characteristics and the micro characteristics of the firm.This paper constructs a complete research framework,and the macro,meso and micro level factors into a systematic theoretical framework;combining mechanism analysis method and Empirical Study of abstract econometric model from the theoretical analysis;the innovative tendency method is applied to evaluate the matching score test state aid effectiveness,in order to get a more reliable conclusion of the study.In this paper,the study found that the state funding in general to a certain extent,promote the increase of R&D investment,there is no significant effect of the extrusion industry".But the national support modes and support object selection and judgment etc.easy to produce "inappropriate subsidies" and "excessive subsidies" and"deficiencies" and other issues,these problems lead to a state funded and give full play to the policy effect in the equipment manufacturing industry.Compared with the existing research,this paper studies from macro,meso and micro level funding to construct the national enterprise R&D investment behavior mechanism is more comprehensive and profound,interrelated ideas systematically explains the factors affecting corporate R&D investment behavior.The conclusion is different from the existing research results.