Research On The Effect Of Enterprise R&D Investment By Innovation-driven

During the China’s economic development,the economic growth rate driven by the"two-wheel" of capital and production factors has become slow.Innovation-driven has become the necessity of the transformation of new and old kinetic energy of China’s economy.Innovation-driven implementation and development cannot lack innovation investment.China’s innovation investment is mainly based on R&D investment.In China,the proportion of enterprise R&D investment in total social R&D investment has increased year by year.It not only highlights the importance of enterprise R&D investment in innovation,but also brings about problems that need to be considered and studied.Under the innovation-driven,the enterprise R&D investment is embedded into the innovation chain.The R&D investment has micro-effect within the enterprise and meso-effect between the enterprises.The R&D investment has important research value and practical significance on the improvement of enterprise’s innovation level,the smooth implementation of China’s innovation-driven strategy and the promotion of economic development from high-speed to high-quality.Focusing on innovation,this paper first clarifies the concepts of innovation,R&D and R&D investment.It reviews the domestic and foreign research literature from the perspective of risk,output contribution,enterprise output fluctuation,peer effect and spillover effect.The research ideas of this paper are as follows.Firstly,the paper analyzes the motivation of enterprise R&D and the trend and phenomenon of quantity and structure of enterprise R&D investment based on the enterprises’ data.Secondly,basing on the innovation and using the data of listed enterprises,this paper embeds R&D investment into the enterprise innovation chain.By constructing the enterprise innovation index,which measures the three dimensions of the innovation environment,innovation input and innovation output of the enterprise in the innovation chain,so as to make comparative analysis between industries and regions.Thirdly,following the context of the output contribution analysis of R&D input to the micro-level and then to the meso-level,we form a framework system to analyze the production and impact of the different effects and give some explanations.Some important conclusions are obtained according to the above research ideas.First,both the internal R&D investment and the R&D personnel investment have been increasing year by year since 2000.But the annual growth rate of R&D personnel is lower than that of R&D investment.The R&D investment of enterprises shows an upward trend,there is a concentration effect in the region.Nearly 70%of enterprises R&D funds and R&D personnel of enterprises are concentrated in the eastern region,forming the agglomeration phenomenon of China’s innovation investment.They have both decreased in Northeast of China,which shows that the innovation and development ability of enterprises in Northeast of China is not good.Second,the measurement results of innovation index based on R&D investment show that the overall innovation index of enterprises has increased,especially after the implementation of innovation driven strategy at the end of 2012,the innovation environment has been improved better.From the perspective of enterprises,we can see that innovation-driven is a positive signal for enterprises to continue to innovate.It is found that the industry distribution and regional distribution of the innovation index are agglomerated.Different industries and regions has obvious differences,and they also have different trends.Third,the contribution of R&D labor is much higher than that of R&D capital to enterprises.Increasing the input of high-level R&D labor can improve the output level of enterprises better.The total R&D contribution of Chinese manufacturing companies is high,which is about three times of that of non-R&D labor.Therefore,the important factor for manufacturing enterprises to improve the output and quality is to increase the input of R&D personnel.The eastern region is the only region where the contribution of R&D capital output is higher than that of R&D labor.According to the principle of optimal allocation of funds,the eastern region still has a strong siphon effect of R&D investment.Fourth,the relationship between output fluctuation and R&D investment is nonlinear for enterprises and there is a critical point from the econometric model.Before the critical point,when the R&D investment increases,the output fluctuation will increase.According to the theoretical analysis,the vertical innovation growth is in the dominant position at this time,and R&D investment can achieve the improvement of product quality through Schumpeter’s"innovative destruction" and achieve the goal of high-quality development.After the critical point,if the R&D investment is still increased,the output fluctuation of the enterprise will be restrained,but this is a relatively slow process,which requires enterprises to pass through the first stage smoothly.Therefore,the output fluctuation effect of R&D input shows an inverted U-shape.Through the threshold regression model,it is found that there are some discrepancies between different R&D intensity and asset of enterprise.It is found that the relationship is U-shaped when the R&D intensity is lower than 0.027.In other cases,it shows an inverted U-shaped.It is a U-shaped change when the asset is less than the first threshold and higher than the second threshold,and an inverted U-shaped change in other cases.Fifth,on the surface,R&D investment is the decision-making choice of the enterprise itself.In the industry environment,the peer effect of "turn red when close to vermilion and black when close to ink" will occur.The increase of R&D capital investment of an enterprise will be affected by the behavior decision of the same group of enterprises in the previous period.When the R&D investment of the same group increases in the previous period,the individual enterprise will face the external competition pressure.In order to maintain the existing markets share and position,it will enhance the R&D participation continuously.The peer effect has time decay.The previous R&D investment of the same group has the greatest impact on the R&D investment of individual enterprises this year,and the result is also very significant.Sixth,there are positive effects(spillover effects)and inverse effects(anti-spillover effects)effects between R&D input departments based on the input-output analysis.After the implementation of innovation-driven strategy in 2012,the spillover effect of China’s equipment manufacturing industry(such as communication equipment,computer and other electronic equipment,transportation equipment,etc.)has grown rapidly,becoming an important sector of China’s innovation and development.The gap between the spillover effect and anti-spillover effect is decreasing year by year,the development balance is enhanced gradually,and the coordinated development between departments is strengthened gradually.The R&D spillover effect of other manufacturing products,transportation equipment,communication equipment,computer and other electronic equipment sectors are greater than the anti-spillover effect.They have become the main force of innovation-driven development in China.It plays an important role in promoting the high-quality development of China’s economy.Through the spatial econometric model,it is found that the spillover effect of R&D personnel investment among provinces is higher than that of R&D capital investment in the process of enterprise innovation,The impact of R&D capital investment of other provinces on regional innovation is not significant,but the impact of R&D personnel investment is significant,and it accounts for a high proportion of the total effect relatively.According to the above basic conclusions,this paper gives corresponding policy recommendations from increasing R&D investment appropriately,attaching importance to R&D human capital investment,increasing investment in basic research,enhancing collaborative R&D innovation capabilities and clarifying R&D innovation goals.