Beibu Gulf University, Qinzhou, Guangxi, China.
Beibu Gulf Marine Development Research Center, Qinzhou, Guangxi, China.
PLoS One. 2023 Oct 17;18(10):e0292851. doi: 10.1371/journal.pone.0292851. eCollection 2023.
With the continuous promotion of China's innovation-driven development strategy, the role of technological innovation on economic development has become increasingly important. In this context, the support of R&D capital investment for technological innovation also becomes non-negligible. This leads to the question of whether the allocation of R&D capital is reasonable and whether there is room for further improvement. This paper is based on inter-provincial panel data from 2009 to 2020, which are classified based on China's National Bureau of Statistics for R&D funding sources in high-tech industries and incorporated into an overall discussion framework. Using STATA16 statistical software, the R&D innovation output of high-tech industries is inves-tigated by building a PVAR model with the perspective of funding sources of R&D input intensity. The study results show that (1) the increase in the intensity of enterprises' own capital investment has a positive impact on innovation output because it can generate a financial "reservoir" effect to support technological innovation. (2) the increase in the intensity of government capital invest-ment has a positive impact on innovation output because it can alleviate the loss of income of en-terprises due to "R&D spillover" and will send a positive signal to the market. (3) the foreign in-vestment intensity has a positive impact on the innovation output of enterprises due to the com-bined effect of "spillover effect" and "crowding out effect". (4) the increase of other capital in-vestment intensity also has a neutral effect on the increase of innovation output under the current financial market environment. Finally, based on the above findings, corresponding policy impli-cations are drawn. This study will help to improve the understanding of R&D capital allocation imbalance and R&D input and output issues in developing countries and provide a reference for policy makers.
随着中国创新驱动发展战略的不断推进，技术创新对经济发展的作用变得越来越重要。在这种情况下，研发资本投资对技术创新的支持也变得不可或缺。这就引出了一个问题，即研发资本的配置是否合理，是否有进一步改进的空间。本文基于 2009 年至 2020 年的省级面板数据，根据中国国家统计局对高科技产业研发资金来源的分类，将其纳入一个整体讨论框架。利用 STATA16 统计软件，从资金来源的角度构建了一个 PVAR 模型，从投入强度的角度研究了高科技产业的研发创新产出。研究结果表明：（1）企业自有资本投资强度的增加对创新产出有正向影响，因为它可以产生财务“蓄水池”效应，支持技术创新。（2）政府资本投资强度的增加对创新产出有正向影响，因为它可以缓解企业因“研发外溢”而导致的收入损失，并向市场发出积极信号。（3）外资投资强度对企业创新产出有正向影响，这是“溢出效应”和“挤出效应”共同作用的结果。（4）在当前金融市场环境下，其他资本投资强度的增加对创新产出的增加也有中性影响。最后，根据上述发现，提出了相应的政策建议。本研究有助于加深对发展中国家研发资本配置失衡和研发投入产出问题的理解，为政策制定者提供参考。
