The Empirical Analysis Of The Role Of Fiscal And Financial Policies In Supporting R&D Activities

Based on the panel data of 19 provincial administrative units with the time span from2014 to 2017,this paper uses the empirical analysis to analyse the relationship between the different R&D supporting policies provided by the Chinese government and innovation outputs.Firstly this paper analyses the guidance effect of government guiding fund to social capital.The empirical result shows that government guiding fund can attract and expand the scale of social capital investment.However,the effect of guiding social capital investment has not been effectively played.Then this paper carries out the multi-dimensional evaluation to each province on the external environment of technology and innovation by using factor analysis.After building threshold variables by using factor analysis,this paper analyses the impact of the direct R&D supporting subsidies and government guiding fund by using econometric software STATA.It turns out that both government R&D supporting policies can promote innovation outputs.There are threshold effects in different directions between government R&D supporting policies and innovation outputs.In regions with relatively backward or well-developed scientific and technological innovation environment,direct government subsidies play a more significant role in promoting innovation outputs than government guiding funds.The promoting effect of government guiding funds on innovation outputs is more significantly in other areas.Finally,according to the empirical results,this paper provides several suggestions to government on making more targeted R&D supporting policies.