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| Public R&D Expenditure、Enterprise Life Cycle and Technological Innovation |
| Che Dexin1,Li Fengjiao2,Wu Fei3,Tang Zilong3 |
| (1. College of Economics and Management, Wuhan University, Wuhan 4300722,China;2. Faculty of Economics, Xiamen University, Xiamen 3610053,China;3.Behavioral Finance and Regional Laboratory, Guangdong Institute of Finance, Guangzhou 510521,China) |
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Abstract Based on the goal of high-quality development of China's economy, this paper uses the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2017 to test the paradigm of “public R&D expenditure-enterprise technology innovation” and embeds a life cycle perspective to test.The study finds that fiscal technology spending has a clear positive drive for corporate technology innovation activities, and has demonstrated structural innovation power: that public R&D expenditure is more driven by substantive technological innovation activities, and for non-substantial technological innovation activities. The promotion is not obvious. Further, after dividing the enterprise life cycle, it is found that public R&D expenditure is effective in driving technological innovation during the growth and maturity of the enterprise, but the innovation gain in the recession period is not obvious. In particular, the government incentive structure is an important condition affecting the release of the effectiveness of fiscal technology spending. Under the guidance of “competition for growth”, the local government has limited the innovation-driven effect of fiscal technology expenditure; under the guidance of “competition for innovation”, public R&D expenditure can fully exert its (structural) innovation-driven advantage. The research results of this paper can provide an empirical basis for rational planning of public R&D expenditure and improvement of the government incentive system.
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Received: 26 December 2020
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