Analysis on the Mechanism and Effect of Governmental Funding on Corporate R&D Investment
In order to deeply analyze the mechanism and impact of governmental funding in the process of corporate R&D investment,this article incorporates the policy of governmental funding into the decision-making process of corporate R&D investment,analyzes the mechanism of governmental funding policy on decision of corporate R&D investment,and further explores how governmental R&D funding affects the expected R&D benefits and reaction mechanism of corporate in the context of R&D uncertainty.Theoretical models have found that governmental R& D funding has an incentive effect on Corporates'own R&D investment.The dynamic changes in the model indicate that there is a"learning by doing"effect in the corporate R&D activities.Governmental funding has a dynamic impact on the corporate R&D investment.In addition,based on the China Innovation Corporates Survey Database,the article empirically tests the im-pact of governmental R&D funding on corporate R&D investment.The empirical results show that governmental R&D funding can effectively enhance corporate R&D investment,and this in-centive effect is a dynamic process.The differences and potential innovations from existing literature lie in:Firstly,the article constructs a theoretical model to incorporate governmental funding into the decision-making framework of corporate innovation investment,and analyzes the mechanism by which govern-mental funding affects the R&D investment of corporate;Secondly,by analyzing the uncertain costs of governmental funding in reducing corporate R&D,and stimulating the enthusiasm of corporate to carry out innovation activities,corporates have a"learning by doing"effect in the process of innovation.The accumulation of knowledge stock can improve the success rate of cor-porate innovation,enhance the expected R&D returns of corporates,and governmental funding has a dynamic impact on the corporate R&D investment;Thirdly,based on the China Innovation Corporates Survey Database,establish a policy evaluation model,and use a multi period DID model to analyze the policy impact of governmental funding on corporate R&D investment;Fourthly,through lag models and mediation effects models,we empirically test the dynamic effects and mechanisms of governmental funding on corporate R&D investment.The theoretical significance of this article lies in expanding the traditional R&D investment model from the perspective of corporate R& D investment decision-making,and quantitatively an-alyzing the impact of governmental funding on corporate R&D investment.The practical signifi-cance of this article lies in the evaluation of the policy effects of governmental funding on corpo-rate R&D,revealing that the key of governmental funding affecting corporate R&D investment is to reduce the cost of uncertainty in R&D.The policy implication of this article is that corporate innovation is a key factor in achieving high-quality economic development.The government should better enhance the effectiveness of R&D funding policies.
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