| In the new normal, the dynamic mechanism of economic growth will be changed from factor-driven, investment-driven to innovation-driven. Therefore, it has become an important task to adapt and lead the new normal in the present stage, improving the contribution of economic development of scientific and technological innovation ability,which requires the country to promote research and development(R&D) activities vigorously. However, because of the "public goods" attribute, the strong positive externality of R&D activity and the existence of the market failure(such as imperfect capital market, entry exit barrier, etc.) problem, the enterprise’s spontaneous R&D investment is very hard to reach the social-optimal level. So it requires the government to formulate and implement various R&D support policies to provide incentives and guidance. From a view of practice, it is an international practice for the government to give the micro body R&D support, and China is no exception. However, the key to improving the efficiency of the policy is to know the effect of government R&D funding policy just exactly and find its factors. In view of deficiencies of other studies, taking innovation efficiency, scientific and technological activities output, scientific and technological progress and technological achievements marketization perspectives, this paper deeply analyzes the effect of government R&D funding policy. On this basis, this article researches the dependent conditions and the influencing factors of government R&D funding policy effects in different dimensions, and summarizes the impact mechanism of government R&D funding policy.As a result of exploration and research, the main conclusions of this paper include:First, according to the shortage of existing research and the need of this paper, we use DEA method to measure the innovation efficiency of 29 provinces, municipalities and autonomous regions in China date from 2006 to 2013, and then analyze the measurement results. The results show that:(1) the average innovation efficiency of the 29 provinces is only 0.25 in 2006, and the overall trend is rising. In 2008, the 0.65 is reached. Starting in 2008, the average innovation efficiency is relatively stable, and it is maintained at 0.6. Among them, the national average innovation efficiency is 0.68 in 2010, which is the highest level.(2) like the trend of the national average innovation efficiency, the innovation efficiency of different levels of industrialized regions has greatly improved since 2006, and it remains stable with a slight fluctuation. The trends of innovation efficiency vary from different levels of industrialized regions, and theinnovation efficiency of the lower industrialized regions has a decline trend in 2008, while the trend of other areas is not obvious. In contrast, the higher the level of industrialization is, the higher innovation efficiency is;(3) the innovation efficiency of the eastern region, the central region and the western region is basically similar, that is, there is a significant increase from 2006 to 2008, then the overall trend is stable with slight fluctuations. The innovation efficiency of the eastern region is higher than that of the central part, and the innovation efficiency of the western region is relatively low. At the same time, in recent years, the innovation efficiency of the central region and the eastern region is getting closer and closer, showing a convergence characteristic; in the new normal background, the dynamic structure of economic development is changing, and the innovation level and the innovation efficiency will directly determine the quality of economic development.Second, this paper constructs the policy response function of the government R&D funding policy, and studies the bias of the government R&D funding behavior. The results show that:(1)the results of dummy variable regression in the industrialization development stage are not significant;(2) the enterprise which has a higher proportion of state-owned property rights is more likely to get R&D funding;(3) the region which has a higher intensity of local intellectual property protection is more likely to receive government R&D funding;(4) the government R&D funding is biased in the object selection. There is a reverse relationship between government R&D provided to the enterprises and to the universities, while there is a co-relationship between the government R&D provided to the enterprises and to the research institutions;(5) the enterprise situated in high-income area is more likely to receive government R&D funding;(6) the enterprise which has a high scale, good efficiency more easily access to government R&D funding;(7) the enterprise situated in area which has more foreign direct investment will access to more government R&D funding;(8) the enterprise which has more R&D stock more likely access to government R&D funding. On this basis, this paper analyzes the effect mechanism of factors for government R&D funding, the nine major theoretical hypothesis. Among them, the factors include the proportion of state-owned property, the intensity of intellectual property protection,the level of economic development, the foreign direct investment, the level of enterprise R&D stock, the object selection and the stability of government R&D funding.Third, from technical innovation efficiency perspective, this paper researches the effectiveness of government R&D funding and the factors affecting the effect of government R&D funding, focusing on the influence of the proportion of state-owned property rights, the object selection of government R&D funding, the stability of government R&D funding and the economic development level on the effect of government R&D funding. The results show that:(1)the impact of the government R&D on the innovation efficiency presents a significant "invertedU-shaped". With the increase of government R&D funding, the effect of government R&D funding on technological innovation efficiency is obviously positive. However, when the government R&D funding reaches a certain degree, the effect of government R&D funding is negative; besides, the road density, intellectual property protection, R&D staff size and education expenditure scale have a significant positive effect on technological innovation efficiency. The increase of government R&D funding provided to universities is beneficial to the improvement of the technological innovation efficiency, having a significant positive effect on technological innovation efficiency, and it also suggests that universities play a very important role in technology innovation efficiency;(2) the coefficient of the cross terms of the proportion of state-owned property rights and government R&D funding is significant negative, showing that with the increase of the proportion of state-owned property rights, and the effect of government R&D funding will have an adverse effect;(3)with economic development, the government R&D funding has no significant improved effects for the increase of innovation efficiency. From the perspective of innovation efficiency, this paper finds out the evidence influencing the effect of government R&D funding in the stage of industrialization.(4)the government R&D funding of the universities has a significant positive impact on improving innovation efficiency, while the government R&D funding of the scientific research institutions has a positive impact on improving innovation efficiency. The government R&D funding of universities can enhance the technological innovation efficiency of high-tech enterprise, which the main reason is that the university R&D activity is the important supplement of enterprise R&D activity, and they has a complementary relationship;(5) the more stable the government R&D funding is, the greater its positive effect on innovation efficiency is;(6) the foreign direct investment has remarkable effect on the effect of government R&D funding. The larger the foreign direct investment is, the greater the positive influence of effect of government R&D funding for technological innovation efficiency is;(7) the intensity of intellectual property protection has a significant impact on the effect of government R&D funding. The higher the intensity of intellectual property protection is and the more perfect the intellectual property protection system is and the greater the implementation is, the more obvious the positive impact of the government R&D funding on the innovation efficiency is.Fourth, from comprehensive science and technology activities output perspective, this paper researches the effectiveness of government R&D funding and the factors affecting the effect of government R&D funding, focusing on the influence of the proportion of state-owned property rights, the object selection of government R&D funding, the stability of government R&D funding,the level of economic development, the regional knowledge stock and the foreign direct investment on the effect of government R&D funding. The results show that:(1) the governmentR&D funding has a positive effect on the level of scientific and technological activities output,that is, the government R&D funding can improve the level of scientific and technological activities output. The increase of the size of R&D staff is beneficial to the increase of scientific and technological activities output, and the increase of R&D capital stock is also conducive to the increase of scientific and technological activities output. The stronger the protection of intellectual property is, the higher scientific and technological activities output has;(2) the level of economic development has a significant impact on the government R&D funding. The higher the per capita GDP is, the more powerful the government R&D funding to the level of scientific and technological activities output is;(3) the level of regional knowledge stock has a significant impact on the government R&D funding. The higher the R&D in actual regional stock is, the stronger the promotion effect of government R&D subsidy on the level of science and technology activities output is;(4) the stability of government R&D funding will have a significant impact on the effect of government R&D funding. The higher the stability of government R&D funding is,namely, the smaller the fluctuation of government R&D funding is, the more powerful the promotion effect of government R&D subsidy on the scientific and technological activities output is;(5) the effect of foreign direct investment on the government R&D funding is significant. The larger the actual use of foreign direct investment is, the greater the impact of government R&D funding on the level of scientific and technological activities output is;(6) the proportion of state-owned property rights has no significant effect on the government R&D funding. The object selection of government R&D funding has no significant effect on the effect of government R&D funding;(7) the effect of intensity of intellectual property rights protection on the effect of government R&D funding is significant. The higher the intensity of intellectual property protection is and the more perfect the intellectual property protection system is and the greater the implementation is, the more obvious the positive impact of the government R&D funding on scientific and technological activities output is.Fifth, from the perspective of comprehensive scientific and technological progress, this paper researches the effectiveness of government R&D funding and the factors affecting the effect of government R&D funding, focusing on the influence of the proportion of state-owned property rights, the object selection of government R&D funding, the stability of government R&D funding,the economic development level, the regional knowledge stock and the foreign direct investment on the effect of government R&D funding. The results show that:(1) the government R&D funding has a positive effect on the scientific and technological progress, that is, the government R&D funding can improve the scientific and technological progress. The increase of the size of R&D staff is beneficial to the increase of scientific and technological progress, and the increase of R&D capital stock is also conducive to the increase of scientific and technologicalprogress. The stronger the protection of intellectual property is, the higher the scientific and technological progress is. Foreign direct investment can indeed bring about the improvement of the scientific and technological progress;(2) the level of economic development has a significant impact on the government R&D funding. The higher the per capita GDP is, the more powerful the government R&D funding to the scientific and technological progress is. In other words, the more developed the region is, the more obvious the effect of the government R&D funding is;(3) the stability of government R&D funding will have a significant impact on the effect of government R&D funding. The higher the stability of government R&D funding is, namely, the smaller the fluctuation of government R&D funding is, the more powerful the promotion effect of government R&D funding on the scientific and technological progress is;(4) the level of regional knowledge stock has a significant impact on the government R&D funding. The higher the R&D in actual regional stock is, namely, the higher level of regional knowledge stock is, the stronger the promotion effect of government R&D funding on the scientific and technological progress is;(5) the effect of foreign direct investment on the government R&D funding is significant. The larger the actual use of foreign direct investment is, the greater the impact of government R&D funding on the scientific and technological progress is;(6) the proportion of state-owned property rights has no significant effect on the government R&D funding;(7) the object selection of government R&D funding has a significant effect on the effect of government R&D funding. The more the government-to-enterprise R&D funding is, the more powerful the promotion effect of government R&D funding on the scientific and technological progress is; the larger the proportion of government-to-university R&D funding is, the more powerful the promotion effect of government R&D funding on the scientific and technological progress is. But relatively speaking,the larger the proportion of funding for scientific research institutions is, the less promotion effect of government R&D funding on the scientific and technological progress is;(8) the effect of intensity of intellectual property rights protection on the effect of government R&D funding is significant. The higher the intensity of intellectual property protection is and the more perfect the intellectual property protection system is and the greater the implementation is, the more obvious the positive impact of the government R&D funding on scientific and technological progress is.Sixth, from the perspective of technological achievements marketization, this paper researches the effectiveness of government R&D funding and the factors affecting the effect of government R&D funding, focusing on the influence of the proportion of state-owned property rights, the object selection of government R&D funding, the stability of government R&D funding,the economic development level, the intensity of intellectual property protection and the foreign direct investment on the effect of government R&D funding. The results show that:(1) the government R&D funding has a positive effect on the technological achievements marketization,that is, the government R&D funding can improve the level of technological achievements marketization or the promotion rate of technological achievements marketization, The increase of the size of R&D staff is beneficial to the increase of the level of technological achievements marketization, and the increase of R&D capital stock is also conducive to the increase of the level of technological achievements marketization; the coefficient of the intensity of intellectual property protection is significant positive, indicating that the stronger the intensity of intellectual property protection is, the higher the level of technological achievements marketization.(2) the level of economic development and industrial development have no significant impact on the effect of government R&D funding;(3) the stability of government R&D funding will have a significant impact on the effect of government R&D funding. The higher the stability of government R&D funding is, namely, the smaller the fluctuation of government R&D funding is,the more powerful the promotion effect of government R&D subsidy on the level of technological achievements marketization is;(4) the object selection of government R&D funding has a significant effect on the effect of government R&D funding. The larger the proportion of government-to-enterprise R&D funding is, the more useful to get the level of technological achievements marketization improved; on the contrary, the more the government-to-university R&D funding is, the less the promotion effect of government R&D subsidy on the level of technological achievements marketization is. Besides, the proportion of funding for scientific research institutions or its bias has no effect on the effect of government R&D funding;(5) the effect of intensity of intellectual property rights protection on the effect of government R&D funding is significant. The higher the intensity of intellectual property protection is and the more perfect the intellectual property protection system is and the greater the implementation is, the more obvious the positive impact of the government R&D funding on the level of technological achievements marketization is. On the contrary, if the intensity of intellectual property protection is weak, the effect of government R&D funding will be reduced;(6) the proportion of state-owned property rights, the foreign direct investment and the development of the Internet have no significant effect on the government R&D funding. The R&D staff size, R&D stock and the intensity of intellectual property rights protection have a significant positive impact on the technological achievements marketizationAs a result of exploration and research, the main innovation of this thesis is as follows:First, this paper uses DEA model to measure the efficiency of technological innovation of 29 provinces, municipalities and autonomous regions in China date from 2006 to 2013, this paper overcomes the deficiencies in existing research:(1) with the selection of R&D funding input indicators, on the one hand, other papers have no exponential deflator or only consider one deflator; on the other hand, other papers only consider the current input but no the effect of pastinvestment in stock;(2) other papers analyze the efficiency having more qualitative descriptions but lacking quantitative compared analysis or only use the cross section data just for one year or select the research and development innovation efficiency data just for few years;(3) the existing data is weak on timelines.Second, with the aid of econometric model this paper constructs the policy response function of the government R&D funding policy, studying the bias of the government R&D funding behavior; and this paper combs and sums up the influence factors of the government R&D funding, analyzing the impact mechanism of these factors for the effect of government R&D funding policy; and then the research hypothesis are put forward.Third, from several new perspectives including the innovation efficiency, the science and technology activities output, the comprehensive science and technology progress and the technological achievements marketization, this paper studies effect of the government R&D funding. Though some papers analyze the effect of the government R&D funding from the science and technology activities output perspective, such as Bai Junhong(2011), there is a big difference between the science and technology activities output indicators and this paper, and the same to the selection of variables and the choice of model.Fourth, the paper not only analyzes the effect of government R&D financial support, but also has a deep research on the influence factors of the government R&D funding from several new perspectives, and the main differences are: on the one hand, this paper mainly analyzes the effect of the proportion of state-owned property, economic development, the knowledge stock, the intensity of intellectual property protection, the object selection of government R&D funding or bias, the foreign direct investment and other factors on government R&D funding; on the other hand, this paper analyzes the effect of government R&D funding from several new perspectives.
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