Empirical Research On The Relationship Of Fiscal S&T Input And Economic Growth

The only way to across the "middle income trap" is that accelerating the pace of technological innovation and changing the economic development from factor-driven to innovation-driven,then to improve the quality of develop.However,up to now,compared with the high level of income countries in the world,China's scientific and technological innovation strength and output level are still having relatively large gap.Therefore,the central government and local governments have introduced a series of policies and measures to improve the environment of scientific and technological innovation.But academia has different views on whether the government should adjust the R&D Expenditure or not.Besides,the "fiscal investment in science and technology paradox" reminds us not to blindly interference technology investment activities.Therefore,the study of how to make limited fiscal investment to bring maximize economic growth is important.In this paper,the R&D expenditure is divided into three aspects:basic research,applied research and experimental research.It uses the combination of theoretical and empirical methods to study the relationship between different R&D Expenditure and Economic Growth.Studies have shown that:from the perspective of long-term dynamic equilibrium relationship,investment in basic research and applied research will stimulate the growth of economic,but experimental research investment will inhibit it.From the perspective of short-term dynamic equilibrium relationship,the most important promotion of economic growth is itself,and second is applied research and experimental research,while the basic research has negative effect.From the perspective of cause-effect relationship,basic research,applied research and experimental research is the reasons of economic growth,while economic growth is not their reason.From the perspective of time-delay of input output,the basic research investment will significantly promote economic growth in the medium and long term which is about 15 years or longer.Applied research investment's effect is obvious in the short-term,but gradually down to zero in the medium and long term.And the experimental research is not significant and there is no specific trend.From the perspective of the long-term contribution of economic growth,the contribution ratio,to economic growth,of economic growth itself,basic research investment,applied research investment and experimental research is 74.60%,20.71%,3.02%and 1.67%.So,this paper suggests that the total investment in Fiscal Scientific and technological should be increased by referring to the level of the economic growth and fiscal revenue.Raise the proportion of investment in basic research to optimize the structure of scientific and technological expenditure in terms of contribution.Optimize the relevant policies to achieve the diversification of R&D funding sources.Improve the supervision and performance evaluation system of financial scientific and technological investment to improve the efficiency of scientific and technological innovation system.