Panel Analysis on the Relationship of R&D，Patent and Output 部分内容如下：
Panel Analysis on the Relationship of R&D，Patent and Output
1．Introduction
The endogenous growth model formed in the 1980s incorporated technology innovation into the model, since then, technological innovation is no longer regarded as an external unexplained reason for growth. Romer(1990) suggests that technological innovation is productive and the source of economic growth in the long run. Technological innovation means that new ideas or findings (science or non-science) are incorporated into the economy, and new products or services are created. New products and services will accumulate the source of new wealth and accelerate economic development finally. It is now generally recognized that technological innovation is the driving force of economic growth. Without technological innovation, there will have no any progress in productivity and social economic growth. Empirical estimate suggests that 50% of the economic growth after World War II in the developed countries is due to technological innovation.
Many empirical studies have focused on the impact of R&D expenditures on productivity and economic growth. Available evidence indicates that the rate of return to R&D is high at national levels. However, it is known in business world that the process of transforming R&D into commercial outcomes is more important. Because there are high risks on R&D, not all R&D activities are fortunate enough to get patents and create new products or services. Hausman et al. (1981) analyzed the relationship between patents and R&D expenditures by utilizing panel data (128 enterprises, 1968-1974). They suggest that the productivity or effectiveness of R&D has been declining at firms’ level. Parente (1994) extended the endogenous growth model in which firms use advanced technology, form firms’ expertise and unique advantages by learning-by-doing. Basu et al. (1998) added technological innovations caused by learning-by-doing or investment on R&D into their model. They suggest that technology transfers not only occur in domestic but also between countries. Frantzen (1998) suggests that the impact of foreign R&D efforts on the total factor productivity is greater than domestic R&D efforts. Co. (2002), Bilbao-osorio et al. (2004) suggest that the ability of transforming R&D into technological innovation depends on the social and economic structure, factors like initial wealth, the availability of skills, or the presence of high-technology sectors, and so on. Smith et al. (2004) suggest that if a firm prefers to buy technology to expand production, then R&D and technological innovation will become substitutions. |