Study on the impact of R&D input intensity on technological innovation output - Based on data from China's high technology industry.

With the continuous promotion of China's innovation-driven development strategy, the role of technological innovation on economic development has become increasingly important. In this context, the support of R&D capital investment for technological innovation also becomes non-negligible. This leads to the question of whether the allocation of R&D capital is reasonable and whether there is room for further improvement. This paper is based on inter-provincial panel data from 2009 to 2020, which are classified based on China's National Bureau of Statistics for R&D funding sources in high-tech industries and incorporated into an overall discussion framework. Using STATA16 statistical software, the R&D innovation output of high-tech industries is inves-tigated by building a PVAR model with the perspective of funding sources of R&D input intensity. The study results show that (1) the increase in the intensity of enterprises' own capital investment has a positive impact on innovation output because it can generate a financial "reservoir" effect to support technological innovation. (2) the increase in the intensity of government capital invest-ment has a positive impact on innovation output because it can alleviate the loss of income of en-terprises due to "R&D spillover" and will send a positive signal to the market. (3) the foreign in-vestment intensity has a positive impact on the innovation output of enterprises due to the com-bined effect of "spillover effect" and "crowding out effect". (4) the increase of other capital in-vestment intensity also has a neutral effect on the increase of innovation output under the current financial market environment. Finally, based on the above findings, corresponding policy impli-cations are drawn. This study will help to improve the understanding of R&D capital allocation imbalance and R&D input and output issues in developing countries and provide a reference for policy makers.

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Copyright: © 2023 Jin, Li. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Déclaration de conflit d'intérêts

The authors have declared that no competing interests exist.