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本文基于1999-2008年高技术产业数据,运用面板回归方法,从企业R&D支出与创新产出两个方面分析比较了政府R&D资助与金融信贷的知识生产效果。研究发现,不论是在促进企业R&D支出还是创新产出方面,政府R&D资助都比金融信贷更有效;同时,二者的知识生产效果与企业规模、产权结构显著相关,企业规模对政府R&D资助与金融信贷的知识生产效果存在显著的正向效应,而产权结构对二者的知识生产效果存在显著的负面影响。
Based on the data of high-tech industry from 1999 to 2008, this paper analyzes and compares the production efficiency of government R & D grant and financial credit from the aspects of R & D expenditure and innovation output of enterprises by panel regression. The research shows that government R & D funding is more effective than financial credit in promoting corporate R & D expenditure and innovation output. Meanwhile, the knowledge production effect of the two is significantly related to firm size and ownership structure, and the effect of firm size on government R & D funding and The effect of knowledge production of financial credit has a significant positive effect, while the ownership structure has a significant negative impact on the knowledge production of the two.