Research Of Chinese Regional R&D Capital Mismatch Based On Real Option Theory

Over these years,Chinese have paid more and more attention to scientific and technological innovation in the role of economic development.Consequently,Chinese R&D capital continues to increase,but Chinese scientific and technological development is taking the road of scale expansion with the inefficient accumulation and inefficient use of R&D capital.R&D capital mismatch has become one of these important factors hindering the progress of science and technology in China.On this condition,to allocate R&D capital according to the needs of regional scientific and technological development as well as economic development is of great practical significance to promote the transformation of R&D capital from the extensive mode to the intensive mode and the development of scientific and technological innovation in China.We discuss the problems and countermeasures of R&D capital mismatch between 30 provinces and autonomous regions(except Tibet)from theoretical and empirical aspects,and makes a comprehensive analysis of the overall situation of R&D capital mismatch in China.In the second chapter,we analyze the present situation of R&D expenditure in China from the intensity and structure of R&D funding.In the third chapter,we briefly describe the theory of real option at first,combining with the analysis in the second chapter which puts forward the theoretical basis for the view that Chinese R&D expenditure conforms to the characteristics of the real options.Then we start from the real option and redesign the Black-Scholes model according to the actual situation of R&D expenditure in China,and we use the model to presume the effective allocation of reasonable R&D capital inputs in coordination with the regional technological and economic development.In the fourth chapter,we make an empirical analysis of each region by means of the panel data of30 provinces and autonomous regions from 2000 to 2015.It is found that the reasonable R&D intensity of each region in these years has showed a trend of increasing at first and then decreasing,while the actual R&D intensity has risen steadily.The gap between the two kinds of intensity has gone through the process of first expanding and then narrowing.It not only reflects the R&D capital allocation in each region didn't match to its level of technology and economic development,which is to say R&D capital mismatch,but also shows the coexistence of R&D capital stock and R&D capital scarcity in recent years,and the weakening role of R&D capital investment in economic development.In addition,according to the variation of the two kinds of intensity,we creatively divide the R&D capital mismatch in our country into two kinds.The actual R&D investment is too low to meet the needs of science and technology and economic development,so that it can not give full play to the role of science and technology in the economic development.In this situation,we call it the first R&D capital mismatch.And with the increasing growth of R&D investment,the new mismatch situation turns out to be that the blind addition ofR&D investment brings about some economic benefits which are still less than the benefits by merely taking the R&D capital as capital investment in the social reproduction process.In this situation,we call it the second R&D capital mismatch.This distinction facilitates follow-up studies.In the fifth chapter,we argue that each region should adjust the scale and the structure of R&D capital investment according to its own actual develop needs: slow down the growth of R&D intensity while expanding the scale of R&D investment,and improve the proportion of inputs to basic research,to make R&D capital to be effectively absorbed.And combining with the analysis of Chinese R&D expenditure status,we propose to coordinate the relationship between government R&D funding and corporate R&D investment,reasonably arranging government R&D funding to correctly guide the direction of enterprise R&D investment and encourage enterprises to innovate.By this way,not only will the effect of government R&D investment be better,but also the efficiency of the enterprise R&D capital will be improved.