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| Externalities of Innovation and Corporate R&D Investment:A Theoretical and Empirical Analysis |
| Yan Zhenjun,Wu Xinyan,Li Jing |
| (School of Economics and Resource Management, Beijing Normal University, Beijing 100875, China) |
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Abstract The R&D investment of enterprises has two typical characteristics.It often increases the probability of a company's R&D success, and while the output of R&D investment has greater uncertainty; the innovation in R&D investment has positive and negative external effects on other enterprises.Then how do the externalities of innovation affect corporate R&D investment? Although existing studies have conducted in-depth research on the impact of innovation externalities on R&D investment, there are still some shortcomings.First, according to the mainstream view, positive externalities of innovation inhibit R&D investment, which is difficult to match accurately with the stylized facts; second, the direct empirical analysis of the relationship between positive externalities and R&D investment is still very inadequate; third, there is a lack of an analytical framework that integrates the impact of considering two types of externalities of innovation on enterprise R&D investment.
In view of this, this paper takes both positive and negative externalities of innovation into consideration and constructs a partial equilibrium model to analyze the relationship between externality intensity and enterprise R&D investment.It selects the panel data from 34 industrial enterprises above the designated size in China's manufacturing industry as research samples to empirically test the relationship between the two.The data is sourced from the China Science and Technology Statistical Yearbook and China Industrial Enterprise Database with a time span of 2010 to 2016.The study also analyzes the stability and efficiency of competitive equilibrium, and empirically tests the relationship between knowledge spillover and enterprise R&D investment using Chinese manufacturing industry-level data.
The theoretical analysis suggests that the impact of innovation externalities on R&D investment can be divided into four scenarios based on two dimensions:the net externalities and industry R&D investment.The analysis of the relationship between externalities and R&D investment by Romer (1990), Dixit & Stiglitz (1977), and Aghion et al.(2005) can all be seen as special cases of the theoretical model in this paper.First, according to the theoretical model of this paper, when the externalities are not present in the model, the R&D investment will be reduced; when the net externalities of innovation are positive and industry R&D investment is high, knowledge spillovers will have a suppressive effect on firms' R&D investment, which corresponds to Romer's (1990) analysis.Second, when the net external effect of innovation is negative, the theoretical analysis in this paper suggests that an increase in the negative external effect of innovation will have a monotonic inhibitory effect on firms' R&D investment, which corresponds to the analysis of Dixit & Stiglitz (1977).Third, it can be obtained that if the net externalities of innovation are positive, for industries with high R&D investment, an increase in negative externalities will increase firms' R&D investment; however, for industries with low R&D investment, an increase in negative externalities will inhibit firms' R&D investment, which corresponds to the findings of Aghion et al.(2005).The theoretical model in this paper is more general and extends the analysis of the relationship between innovation externalities and firm R&D investment in the case of positive net externalities and low R&D investment in the industry based on the existing studies, and it argues that the knowledge spillover from other firms will increase the marginal returns of firm R&D investment, and it leads to the increase of firm R&D investment in this case with the enhancement of knowledge spillover,and thus knowledge spillover, the non-monotonic effects of knowledge spillover and market competition on R&D investment are incorporated into a unified analytical framework which is conducive to a more comprehensive examination of the effects of both types of innovation externalities on firms' R&D investment.
The research in this paper helps to deepen the understanding of the relationship between innovation externalities and enterprise R&D investment, provides some reference for theoretical and empirical studies on industrial agglomeration and R&D cooperation, and provides theoretical support for the formulation and implementation of science and technology policies, such as intellectual property protection, R&D subsidies and incentives.
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Received: 24 April 2022
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