Differences In R&D Behavior Patterns Of Different Types Of Ownership

At present,the R&D investment intensity of Chinese enterprises is low,and there are obvious and huge differences in the R&D behavior patterns of enterprises with different ownership types.The state-owned enterprises(SOE)and non-state-owned enterprises(non-SOE)also have different financing positions in financial market,which is critical to R&D activities.Based on the perspective of "ownership discrimination" in financial market,this paper studies the differences of R&D behaviors of different ownership types of enterprises.The basic assumptions of this paper are as follows:It is expected to that SOEs have more external funds than non-SOEs due to"ownership discrimination".As a result,SOEs tend to have a higher level of R&D investment and R&D output than non-SOEs’.This paper is going to examine the above basic theoretical assumptions based on the following logics:If SOEs are more likely to have more affordable external funding support by virtue of their ownership type,their R&D investment and R&D output are higher than non-SOEs’.For those who rely on external financing more heavily,the ownership type of SOEs can bring the positive effect on its R&D investment and the value of new product(the R&D output).This paper uses the CSMAR database about the financial statements of listed companies,1998 to 2007,to calculate the degree of external financing dependence(EFD)of different industries,and merge them with the Chinese Industrial Enterprise Database according to the 2-digit industry code.And this paper uses TOBIT model to test the above theoretical hypothesis by focusing on the coefficient of the interaction between the variable of state-owned enterprise identity and the variable of external financing dependence degree index.The empirical results obtained from this paper are as follows.Firstly,SOEs have more R&D investments and new product value.Secondly,external financial dependence is the key to increasing the firm’s R&D investment and R&D output.Thirdly,the positive effect of the interaction of ownership and the external financial dependence means that SOEs have more R&D expenditure due to the "ownership discrimination".While the value of new product seems not to be affected by the ownership types.At last,the scale,age,the ability to make profits and the capital intensity of the enterprise can bring the positive effects on the R&D,while the long-term debt pressure will inhibit enterprises to engage in R&D activities.