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R&D investment responses to R&D subsidies: a theoretical analysis and a microeconometric study

机译:研发投入对研发补贴的回应:理论分析和微观计量经济学研究

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摘要

Subsidies to the Norwegian high-tech industries have traditionally been given as 'matching grants', i.e., the subsidies are targeted, and the firms have to contribute a 50% own risk capital to the subsidised projects. Our results suggest that grants do not crowd out privately financed R&D, but that subsidised firms do not increase their privately financed R&D either. Hence, the own risk capital seems to be taken from ordinary R&D budgets. We also investigate possible long-run effects of R&D subsidies, and show that conventional R&D investment models predict negative dynamic effects of subsidies. Our data, however, do not support this claim. On the contrary, there are indications of a positive dynamic effect, i.e., temporary R&D subsidies seem to stimulate firms to increase their R&D investments even after the grants have expired. We propose learning-by-doing in R&D activities as a possible explanation for this, and present a theoretical analysis showing that such effects may alter the predictions of the conventional models. A structural, econometric model of R&D investments incorporating such learning effects is estimated with reasonable results.
机译:挪威高科技产业的补贴传统上被称为“匹配赠款”,即补贴是针对性的,企业必须向补贴项目贡献50%的自有风险资本。我们的结果表明,赠款不会挤出私人融资的研发,但有补贴的公司也不会增加私人融资的研发。因此,自己的风险资本似乎来自普通的研发预算。我们还研究了R&D补贴的长期影响,并表明传统的R&D投资模型预测了补贴的负面动态影响。但是,我们的数据不支持此声明。相反,有迹象表明存在积极的动态效果,即,即使在赠款期满后,临时的研发补贴似乎仍会刺激企业增加其研发投资。我们提出在研发活动中边做边学作为对此的可能解释,并提出理论分析,表明这种影响可能会改变传统模型的预测。结合这种学习效果的R&D投资的结构化计量经济学模型得到了合理的估计。

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