Productive Fiscal Expenditure And Enterprise R&D Innovation

In the past forty years,China's economy has grown at an average annual rate of more than 8%.Second only to the developed country,the United States has become the world's second largest economy in the world,creating a miracle of economic growth in developing countries.Although China's economic construction is developing at an alarming rate,R&D innovation at the enterprise level seems to have encountered bottlenecks in development and has not been well developed.Under the background of China's long-term special social environment and official championship system,the local government's pursuit of productive economic construction has had a certain impact on the short-term research and development of enterprises.This paper focuses on the impact of municipal-level productive fiscal expenditures on R&D innovation in the short-term,and uses the data extracted by the World Bank's 2012 Chinese companies questionnaire and the fiscal-level fiscal expenditure data in the empirical research phase.In the process of empirical research,this paper macro-micro-matches the macro-level municipal fiscal expenditure data with the micro-level enterprise R&D innovation data,and obtains empirical results on the basis of effectively solving endogenous problems.The empirical research in this paper finds that the continuous increase of regional productive fiscal expenditure has a crowding-out effect on R&D innovation of enterprises in the short-term,and has a negative impact on the broad margins,intensive margins and various specific innovations of R&D innovation.The empirical study of sub-samples shows that the continuous increase of regional productive fiscal expenditures has different effects on the R&D innovation of enterprises of different scales,different types and different ownership characteristics in the short term.The negative impact of this crowding effect is in small and medium-sized enterprises.Samples of companies,capital-intensive companies,and private companies are more prominent.