Enterprise R&D, manufacturing innovation and macroeconomic impact: An evaluation of China’s Policy

IF 3.5 2区经济学 Q1 ECONOMICS

Journal of Policy Modeling Pub Date : 2024-03-01 DOI:10.1016/j.jpolmod.2023.09.002

Qinyue Zheng , Xingmin Wang , Chunbing Bao

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引用次数: 0

Abstract

Amidst economic downturn pressures, major countries emphasized the manufacturing industry and increased research and development (R&D) investments to realize innovation in manufacturing. Manufacturing enterprises are the main performers of R&D investments, so it is imperative for policymakers to accurately evaluate the policy effect of different industrial tendency and policy intensity on growth. The impact of the overall R&D expenditure on macroeconomy or the effectiveness of enterprises’ R&D investment on business profit has been reported in a great deal of literature, but so far, the impacts of enterprises’ R&D have little been experimented at the macro level and industrial level. This paper improves the knowledge production function and structured a regional dynamic computable general equilibrium model to simulate the multi-dimensional macroeconomic impact of enterprises’ R&D investment. The results show that enterprises’ R&D investment has a significant role in promoting economic output, residents’ welfare, price control, and international trade, and its impact is declining over time. The impacts of enterprises’ R&D on different industries are heterogeneous; industries with lower knowledge capital are more sensitive to R&D investment. These findings contribute to the effectiveness of R&D policies.

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企业研发、制造业创新与宏观经济影响：对中国政策的评估

在经济下行压力下，主要国家重视制造业，加大研发投入，实现制造业创新。制造业企业是研发投入的主体，因此决策者必须准确评估不同产业倾向和政策力度对经济增长的政策效应。关于总体研发支出对宏观经济的影响或企业研发投资对营业利润的影响，已有大量文献报道，但迄今为止，在宏观层面和产业层面对企业研发影响的实验还很少。本文改进了知识生产函数，构建了区域动态可计算一般均衡模型，模拟了企业研发投资对宏观经济的多维影响。结果表明，企业研发投入对经济产出、居民福利、物价调控和国际贸易具有显著的促进作用，且其影响随时间推移呈下降趋势。企业研发对不同产业的影响具有异质性，知识资本较低的产业对研发投资更为敏感。这些发现有助于提高研发政策的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Policy Modeling ECONOMICS-

CiteScore

6.20

自引率

11.40%

发文量

期刊介绍： The Journal of Policy Modeling is published by Elsevier for the Society for Policy Modeling to provide a forum for analysis and debate concerning international policy issues. The journal addresses questions of critical import to the world community as a whole, and it focuses upon the economic, social, and political interdependencies between national and regional systems. This implies concern with international policies for the promotion of a better life for all human beings and, therefore, concentrates on improved methodological underpinnings for dealing with these problems.