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What promotes R&D? Comparative evidence from around the world

机译：是什么促进了研发？来自世界各地的比较证据

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摘要

R&D drives innovation and productivity growth, but appropriability problems and financing difficulties likely keep R&D investment well below the socially optimal level, particularly in high- technology industries. Though countries around the world are increasingly interested in using tax incentives and other policy initiatives to address this underinvestment problem, there is little empirical evidence comparing the effectiveness of alternative domestic policies and institutions at spurring R&D. Using data from a broad sample of OECD economies, we find that financial market rules that improve accounting standards and strengthen contract enforcement share a significant positive relation with R&D in more innovative industries, as do stronger legal protections for intellectual property. In contrast, stronger creditor rights and more generous R&D tax credits have a negative differential relation with R&D in more innovative industries. These results suggest that domestic policies directly dealing with appropriability and financing problems may be more effective than traditional tax subsides at promoting the innovative investments that drive economic growth.
机译：研发推动了创新和生产力的增长，但是专有性问题和融资困难可能会使研发投资远远低于社会最优水平，特别是在高科技行业。尽管世界各国对使用税收优惠和其他政策措施来解决这一投资不足问题的兴趣日益浓厚，但很少有经验证据可以比较替代性国内政策和制度在刺激研发方面的有效性。使用来自经合组织经济体的广泛样本的数据，我们发现，改善会计标准和加强合同执行的金融市场规则与更具创新性的产业中的研发有着显着的积极关系，对知识产权的更强有力的法律保护也是如此。相比之下，更强的债权人权利和更慷慨的研发税收抵免与创新产业中的研发负相关。这些结果表明，直接处理可支配性和融资问题的国内政策在促进可推动经济增长的创新投资方面可能比传统的税收补贴更为有效。

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  • 来源
    《Research policy》 |2017年第2期|447-462|共16页
  • 作者

    James R.Brown; Gustav Martinsson; Bruce C. Petersen;

  • 作者单位

    Iowa State University, College of Business, Department of Finance, 3331 Cerdin Business Building, Ames, IA 50011, United States;

    Royal Institute of Technology (KTH) and Swedish House of Finance (SHoF), Lindstedtsvagen 30, SE-100 44 Stockholm, Sweden;

    Washington University in St. Louis, Department of Economics, Campus Box 1208, One Brookings Dr., St. Louis, MO 63130-4899, United States;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    RD, innovation; R D tax credits; Financial markets; Intellectual property protection; Technological change;

    机译：研发;创新;研发税收抵免;金融市场;知识产权保护;技术变革;

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