Whether public R & D expenditures are complementary or crowding out of R\n& D expenditures in the enterprise, there is no consensus in the academic\ncommunity. This paper constructs a dynamic panel data model, uses the system\nGMM to estimate, and examines the impact of Chinese government R &\nD funding on corporate R & D expenditures at the macro level, concluded as\nfollow: When endogenous issues are not considered, the estimated result is\nthat government R & D funding will increase R & D expenditures for enterprises,\nand considering endogenous issues, government R & D funding will\nsqueeze out R & D expenditures. The governmentââ?¬â?¢s R & D funding for scientific\nresearch institutions has had a significant negative impact, and the governmentââ?¬â?¢s\nR & D funding for institutions of higher learning will boost the R &\nD investment of companies. According to the current distribution of government\nR & D funding, the impact of government R & D funding on corporate\nR & D expenditure is 0.3276; the impact of government R & D funding on\nself-raised R & D funds is âË?â??0.038. It can be seen that according to the current\ndistribution of government R & D funding, the effect of government R & D\nfunding is crowding out.
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