| This paper constructs the Cobb-Douglas R&D production function by using the panel data of the hi-tech industry in China based on the estimate the R&D capital stock. This paper then investigates the input of the R&D factors and the determinants of R&D production. The results show:(â…°)During the R&D production, when the R&D capital deprecation rate is 15%, the R&D capital makes more contributions than the R&D personnel do, when the R&D capital deprecation rate is 20%, the R&D personnel makes more contributions than the R&D capital, and the R&D production presents increasing return to scales.(â…±)When the R&D capital deprecation rate is 15% and the R&D output is the sale income of new product, foreign ownership and firm size promote R&D output efficiency, while state ownership, market structure, and performance indicators(profit and tax) have negative effects; When the R&D capital deprecation rate is 15% and the R&D output is the applications of monopoly, firm size, market structure and performance indicators (profit and tax) promote R&D output efficiency, while state and foreign ownership have negative effects. When the R&D capital deprecation rate is 20%, except the change of foreign ownership to the applications of monopoly, others keep stable. (â…²)Since state ownership is much higher in hi-tech industry in China, it has less negative effects on R&D output efficiency. Other factors such as imperfect legal system and unstable policy have significantly negative effects on R&D output efficiency of hi-tech industry in China. |
PDF Full Text Request