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| Could Government Innovation Input Promote Market Innovation Input |
| Zhou Zhiyuan1,Zuo Yuehua2,Zou Yu3 |
| (1. General Office of Hubei Provincial People's government,Wuhan 430071,China;2. School of Economics, Huazhong University of Science and Technology, Wuhan 430071, China;3. Hithink Flush Information Network Co., Ltd. Hangzhou 310000, China) |
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Abstract Universities are playing an increasingly important role in China's scientific research innovation system. However, high dependency on external resources is still the main characteristic for those innovation activities, especially for R&D which is an activity with high output to input ratio. According to reports from the Chinese Ministry of Education, Chinese universities' R&D funding mainly comes from governmental and enterprise investment. Moreover, according to the information, after the reform and opening-up, various innovation investment channels between investors and investees, i.e., the universities, sprang up in China. The most representative channel is the National Natural Science Foundation (NSFC) which was established in 1986, and it broke through the routine of the traditional investment method that innovation foundations highly relied on government investment. In addition, numerous enterprises from the market have actively participated in the scientific research activities of colleges and universities, and they further set up different innovation funds in colleges so as to help them to solve practical problems encountered in their business. Since then, market innovation investment has become another important source of R&D investment in colleges and universities. So, could the government innovation investment represent the innovation capacity of universities and thus influence the innovation investment of enterprises? To what extent would the government investment influence the market investment? How long will such an effect last?
In recent years, on the topic of the relationship between government innovation investment and market innovation investment in university's R&D activities, scholars at home and abroad have mostly focused on the company's R&D activities, while the relationship between government innovation investment and market innovation investment is complementary or alternatively varies according to the types of research samples, but the scholars avoided discussing and studying the relationship between government investment and market innovation investment from the perspective of universities. In fact, as a key role of the national innovation strategy, university's innovation funds heavily rely on both government and market sources of innovation investment as well. Therefore, it is necessary to study and further clarify the aforesaid relationship, because it can not only help universities to seek more innovation investment to enhance effectiveness and creativeness of their R&D activities, but also help to understand the relationship between government and market in the field of science and technology innovation.
This paper selects the scientific and technological innovation data of 63 universities in China from 2005 to 2018, and uses the panel VAR model and the individual fixed effect model to empirically test the relationship between government innovation investment and market innovation investment in the R&D input of college from the dynamic and static aspects. Based on the analysis described above, the government's innovation investment does promote the market innovation investment. Specifically, from the perspective of dynamic impact, the effect of such positive promotion would rise steadily to a maximum of 4% during the period of the first three years. Afterwards, the promotional effect from the government's innovation investment on the market innovation investment will decline to null. Furthermore, in most cases, one key element which could bring about the increase of the market innovation investment is the academic achievement,e.g., academic articles or new inventions, and such achievement may appear after a period of government investment in scientific research of universities. Meanwhile, from the perspective of the static effects, the contribution of government innovation investment to market investment in innovation would not get an instant result, but its effect may get top after two years. In addition, PVAR model uncovers an inertia effect between the market innovation investment and the academic innovation that the investment from the general market may further encourage the innovation and creation of those universities, i.e., the market innovation investments have a greater dynamic impact on themselves.
To sum up, the research finds, in terms of the R&D innovation activities of universities, the government's innovation investment does have the capacity to promote the market innovation investment. Nevertheless, such positive contributions, sourced from the government's innovation investment to market innovation investment cannot be manifested obviously and instantly in a short term. In most cases, such a promotional effect on the market innovation has a lag period of around two years commencing on the government's innovation investment, and, in addition, this effect cannot last for long term. Furthermore, from a long-term perspective, governmental investment for innovation industry may not promote such investment from the capital market significantly.
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Received: 11 December 2020
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