본 논문에서는 2000년-2020년까지 중국의 연구개발비 투자와 기술비지니스 창업보육센터가 R&D 투자 성과에 미치는 영향에 관하여 분석하였다. R&D는 한 나라 경제의 지속적 성장을 위한 필수적인 요소로 자본과 노동의 추가 투입에 의한 경제성장이 점차 한계에 접어드는 경제구조에 있어서는 더욱 중요한 요소로 인식되고 있다. 올해 3분기 중국의 경제성장률이 3.9%로 예상을 뛰어넘기는 했지만 여전히 4% 미만으로 이전의 고성장 국면으로 반등이 어려울 것으로 예측되고 있다. 무역이 경제성장의 절대적인 요소로 자리매김하는 우리나라의 경우에는 중국이 세계 경제성장의 1/3 이상을 담당하는 상황에서 중국의 경제성장률 둔화는 부담스러울 수밖에 없다. 중국의 R&D 투자를 살펴보고 R&D 활동을 통한 산출물을 분석함으로써 중국 경제의 지속적인 성장 가능성은 논하고자 한다.

Purpose: The purpose of this paper is to empirically investigate the relationship between government subsidies and research and development (R&D) investment of animal husbandry companies in China. The moderating effects of firm size, debt ratio, and firm profitability on this relationship are also examined. Research design, data and methodology: The analysis is based on 14 animal husbandry companies listed on the Shanghai and Shenzhen stock exchanges over the period of 2012-2016. Data are obtained from the China Stock Market & Accounting Research (CSMAR) database and the RESSET database, and multiple regression analysis is utilized with the aid of Stata. Results: The empirical results show that government subsidies can promote R&D investment of animal husbandry companies in China. In addition, firm size, debt ratio, and firm profitability have positive moderating effects on the relationship between government subsidies and R&D investment. Conclusions: Based on the results, the paper concludes that government subsidies play an important role in the process of R&D of China’s animal husbandry companies. This paper recommends that managers of animal husbandry companies should enhance the utilization efficiency of government subsidies and put great emphasis on R&D investment. The policymakers should implement more incentives to encourage animal husbandry companies to invest more in R&D.

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

The purpose of this study is to analyze the spillover effect of R & D investment focusing on agriculture sector. Therefore, the Korean industry is divided into 18 industries and the data period including 1970 ~ 2014 is analyzed. In addition, the method is based on the analysis of the production function, the growth contribution of the production factor, and the spillover effect of other industries that affect the agricultural output. The results of this study are summarized as follows. First, R & D investment has a positive effect on the production of Korean agriculture. Second, the impact of high tech industry R & D investment on Korean agriculture is positive. Third, the R & D investment in the public sector is relatively higher than the R & D investment in the private sector. In the R & D stage, the R & D investment of the first level technology has a great influence on the production of agriculture. As a result of this study, governments should consider the above mentioned research results to determine resource priorities based on limited resources in relation to R & D investments that contribute to production and economic growth.