The impact of external R&D financing on innovation process from a supply-demand perspective

doi:10.1016/j.econmod.2020.01.016

	The impact of external R&D financing on innovation process from a supply-demand perspective
	Kou, Mingting; Yang, Yuanqi; Chen, Kaihua
刊名	ECONOMIC MODELLING
	2020
卷号	92
DOI	10.1016/j.econmod.2020.01.016
英文摘要	This paper sheds light on the effects of two different types of R&D financing sources respectively from a supply-demand combined perspective, namely subsidy from government and venture capital in market, on the innovation process. Our empirical analysis is based on a unique data set of industrial enterprises located in Beijing Zhong-GuanCun Science Park during the period 2008-2015. In terms of the two stages of the innovation process, this paper untangles and compares the effects of the two financing sources on R&D input, patent output as well as profit outcome. We find that both supply- and demand-side external R&D financing channels have differential effects on the innovation process in terms of input, output or outcome as well as the different-sized enterprises. Supply-side subsidy tends to be more effective at the front end of the innovation process, while venture capital shows a demand-side consideration on technology evolution by focusing more on the back end of the innovation process. Both government subsidy and venture capital can have a significantly positive impact on the entire innovation process of small and micro enterprises, whereas for large and medium-sized enterprises, subsidy has no significant impact on profit outcome and venture capital can only affect patents positively. These findings suggest that the Chinese government should focus more on small and micro firms and increase such firms' access to venture capital through a process of certification, so as to achieve an effective combination of government functions and market functions.
语种	英语
内容类型	期刊论文
源URL	[http://ir.casisd.cn/handle/190111/9758]
专题	中国科学院科技战略咨询研究院
推荐引用方式 GB/T 7714	Kou, Mingting,Yang, Yuanqi,Chen, Kaihua. The impact of external R&D financing on innovation process from a supply-demand perspective[J]. ECONOMIC MODELLING,2020,92.
APA	Kou, Mingting,Yang, Yuanqi,&Chen, Kaihua.(2020).The impact of external R&D financing on innovation process from a supply-demand perspective.ECONOMIC MODELLING,92.
MLA	Kou, Mingting,et al."The impact of external R&D financing on innovation process from a supply-demand perspective".ECONOMIC MODELLING 92(2020).