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1.
Using information on 31 in-depth cases of individual M&A deals, we show that technological and market-relatedness between M&A partners distinctly affects the inputs, outputs, performance and organisational structure of the R&D process. While the findings in the literature on the effect of M&A on R&D are quite mixed, we can sharpen results by analysing data at the level of the R&D process. This comes at the price of a smaller sample and more qualitative data, for which caution in the interpretation is necessary. M&A between partners with ex-ante complementary technologies result in more active R&D performers after the M&A. In sharp contrast, when merged entities are technologically substitutive, they significantly decrease their R&D level after the M&A. Moreover, R&D efficiency increases more prominently when merged entities are technologically complementary than when they are substitutive. These two findings on the R&D level and the performance support the scope economy effect of M&A, on the one hand, and reject the scale economy effect of M&A, on the other. Next, for cases in which partners were active in the same technological fields before the M&A, the reduction of R&D is more prominent, while the R&D efficiency gain is smaller if merged entities were rivals in the product market prior to their merger than if they were non-rival. This suggests that rival firms reap little technology gains from mergers. 相似文献
2.
Annalisa Caloffi Marco Mariani Federica Rossi Margherita Russo 《Research Policy》2018,47(8):1437-1447
We analyse whether public subsidies supporting collaborative research and development (R&D) projects in small and medium-sized enterprises (SMEs) are able to encourage persistent R&D investment and interorganisational networking more than subsidies supporting individual R&D projects. Adopting a counterfactual approach to policy evaluation, we compare subsidies for collaborative R&D and for individual R&D implemented in the same Italian region in the same period. Our findings suggest that, once public support is no longer available, the two subsidies have different effects on different types of SMEs. If the policymakers’ objective is to increase the number of R&D-performing SMEs over time, they should provide subsidies for collaborative R&D to firms with modest R&D experience. If their objective is to increase the amount of spontaneous R&D investment over time, they should target SMEs with some prior R&D experience, using either subsidy. Finally, if their objective is to induce SMEs to network with external organisations, subsidies for collaborative R&D projects should be preferred to subsidies for individual R&D projects. 相似文献
3.
Emre Özçelik 《Research Policy》2008,37(2):258-275
In this study, the determinants of private R&D investment are examined at the level of firms in the Turkish manufacturing industry. We focus our attention on the effect of public R&D support programs. Our findings indicate that public R&D support significantly and positively affects private R&D investment. There seems to be even an “acceleration effect” on firm-financed R&D expenditures. Smaller R&D performers benefit more from R&D support and perform more R&D. In addition, technology transfer from abroad and domestic R&D activity show up as complementary processes. Given the scarcity of studies on R&D support in technologically weaker economies, our hope is that the less-developed countries can exploit these findings in constructing socially beneficial technology policies. 相似文献
4.
The various strands of extant empirical research are inconclusive about the complementarity or substitutability between different innovation mechanisms, such as internal and external R&D. Using a panel sample of 83 incumbent pharmaceutical firms covering the period 1986-2000, our empirical analysis suggests that, instead of a clear-cut answer to the question of whether internal and external R&D are complementary or substitutive innovation activities, there appears to be a contingent relationship between internal and external R&D strategies in shaping a firm's innovative output. The results from our study indicate that the level of in-house R&D investments, which is characterized by decreasing marginal returns, is a contingency variable that critically influences the association between internal and external R&D strategies. In particular, internal R&D and external R&D, through either R&D alliances or R&D acquisitions, are complementary innovation activities at higher levels of in-house R&D investments, whereas at lower levels of in-house R&D efforts, internal and external R&D turn out to be substitutive strategic options. 相似文献
5.
《Research Policy》2023,52(8):104807
Defense R&D represents the largest component of US public R&D spending and historically has promoted a wide range of civilian innovations. However, the empirical evidence on the impact of defense R&D is scant and it does not provide conclusive results on the possible crowding-in (-out) effects on private R&D investment. Exploiting a longitudinal dataset linking public R&D obligations to private R&D expenditures for US states, we investigate the impact of defense R&D on privately-financed R&D. To address potential endogeneity in the allocation of funds, we use an instrumental variable identification strategy leveraging the differential exposure of US states to national shocks in federal military R&D. We document considerable crowding-in effects with elasticities in the 0.11–0.14 range. These positive effects extend also to the labor market, when focusing on employment in selected R&D intensive industries and especially for engineers. 相似文献
6.
We examined 79 Japanese MNCs’ R&D subsidiaries in the US from the knowledge-based view. We found: (1) subsidiaries’ R&D strategies generally encouraged knowledge flows; (2) subsidiaries’ R&D alliances promoted knowledge flows; (3) R&D subsidiaries with process-oriented incentives promoted vertical knowledge flows; (3) autonomous R&D subsidiaries promoted knowledge flows from the local environments to the subsidiary; (4) R&D subsidiaries with a high level of knowledge flows accumulated a high level of knowledge; and (5) R&D subsidiaries with a high level of accumulated knowledge achieved high overall performance. Our interviews with 30 R&D subsidiaries and 10 parent companies supplement these findings. 相似文献
7.
David C. Mowery 《Research Policy》2012,41(10):1703-1715
National defense represents a significant share of most OECD governments’ R&D budgets and an even higher share of their mission-oriented R&D spending. This public R&D investment has focused on research and innovation supporting defense missions, and in many cases the military services of these governments have purchased weapons systems incorporating the resulting technologies. Defense-related R&D investment has influenced innovation in the broader civilian economy of several OECD nations, including the United States, the United Kingdom, and France. The scope and nature of this influence remains uncertain and subject to considerable debate. Nonetheless, policymakers throughout the industrialized economies have expressed interest in “applying the lessons” of defense-related and other mission-oriented R&D programs to such challenges as climate change. This paper examines the characteristics of defense-related mission R&D programs in the industrial economies, with particular attention to the subset of nations for which reliable longitudinal data on defense R&D spending are available. I highlight the characteristics that distinguish mission-oriented R&D in this field from mission-oriented R&D in other sectors and to point out some significant differences among OECD economies in the structure of their defense-related R&D programs. The discussion also emphasizes the ways in which the unique structure of defense-related R&D limit its utility as a model for mission-oriented R&D programs aimed at other goals. 相似文献
8.
This paper investigates the effect of tax incentives on R&D activities in Taiwanese manufacturing firms. The propensity score matching (PSM) estimates show that recipients of R&D tax credits appear on average to have 53.80% higher R&D expenditures than that they do without receiving tax credits, while there is no significantly higher growth rate of R&D expenditure. This study further employs the panel instrumental variable (IV) and generalized method of moment (GMM) techniques to control for endogeneity of R&D tax credits and firm heterogeneity in determining R&D expenditure. The R&D tax credit is witnessed to exhibit a significantly positive influence on R&D expenditure and its growth, especially for electronics firms. The marginal effect is moderate, ranging from 0.094 to 0.120. Specifically, the R&D elasticity concerning tax credits tends to increase gradually along with the approaching expiration of R&D tax credits measure, lending a supportive view on its efficacy. 相似文献
9.
运用随机非参数数据包络分析法,选取2011年—2016年的面板数据对中国高端制造业科技创新进行了分阶段分行业的效率测度,结果表明不同行业科技创新效率差别较大,行业差异具有异质性。在效率测度基础上利用Tobit模型对各阶段科技创新效率关键影响因素进行了实证分析后,提出了提升我国高端制造业科技创新效率的对策建议。 相似文献
10.
Banri Ito 《Research Policy》2007,36(8):1275-1287
The large expansion of MNC's overseas R&D is noteworthy. This paper investigates the factors affecting the expansion of support-oriented R&D and knowledge sourcing R&D by using qualitative data which indicate the modes of R&D conducted at a plant site and a laboratory. The empirical results suggest that (1) the export propensity of affiliate firms, relative abundance of human resources for R&D, and accumulated technological knowledge have a positive effect on both the modes of R&D at a plant site and a laboratory, and (2) the stronger enforcement of intellectual property positively affects the expansion of knowledge sourcing R&D. These results show that not only firm-specific but also country-specific factors positively affect the overseas expansion of R&D. 相似文献
11.
Tuvia Blumenthal 《Research Policy》1978,7(1):63-87
This paper deals with several aspects of R & D activity in Israel's manufacturing industries on three levels — the economy, industrial branch and the firm. Relative to other industrial countries, Israel is characterized by a high share of R & D expenditure in GNP but a low level of industrial R & D. If we take registered patents as an indicator of R & D output no significant correlation is found between this measure and expenditure on R & D; this may point to a low level of success or to the nature of R & D being directed more to small improvements of existing products and processes than to new inventions. An inter-industry analysis shows that R & D expenditure is positively correlated with average firm size and capital per employee and negatively correlated with concentration ratio. A positive correlation was also found with respect to increase in sales and export per employee but not with the rate of growth of export. Although most R & D is performed by large companies there is no significant correlation between R & D expenditure and firm's size among firms engaged in R & D, nor between R & D expenditure and firm's profitability. Concerning the relationship between domestic R & D and imports of technology a tentative conclusion is that Israel does not derive sufficient benefit from the international stock of knowledge. 相似文献
12.
E.J. Malecki 《Research Policy》1980,9(1):2-22
R&D activities in the United States, as in other advanced economies, are geographically concentrated in certain types of locations. This study presents data on the location of four dimensions of R&D in the U.S.: industrial R&D laboratories, scientists and engineers engaged in R&D, scientists and engineers employed by the federal government, and research universities. Industrial R&D is much more concentrated in large urban areas than the other dimensions, and appears to locate more in response to the location of manufacturing activity than to the location of research universities and federal research facilities. The location of R&D employment, which includes government university, and industrial employees, is associated with facilities for all three types of R&D. Because of these factors, R&D in the U.S. is found on a significant per capita basis in 44 of 177 urban areas, most of them in the northeastern portion of the country. When two dimensions, industrial R&D laboratories and R&D employees, are combined as a measure of R&D concentration, the locational pattern is less clustered regionally. Ten urban areas in all regions of the U.S. are identified as important complexes of R&D. Since the location of R&D is a major indicator of comparative advantage for technological activities and the economic potential of urban regions, only a few areas of the U.S. are likely to remain important in the generation of innovations. 相似文献
13.
This paper examines patterns and determinants of overseas R&D investment by US-based manufacturing MNEs using a new panel dataset over the period 1990–2004. The analysis reveals that R&D intensity of operation of US MNE affiliates is determined mainly by the domestic market size, overall R&D capability and cost of hiring R&D personnel. There is no evidence to suggest that R&D specific incentives have a significant impact on inter-country differences in R&D intensity when controlled for other relevant variables. Overall, our findings cast doubts on the efficacy of efforts by host country governments to entice MNE affiliates to engage in domestic R&D activity, in a context where R&D is becoming a truly global activity. 相似文献
14.
We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers and targets and use appropriate difference-in-difference estimation methods to single out the causal effect of mergers on R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R&D intensity of acquirers drops due to a sharp increase in sales. 相似文献
15.
中美贸易战视角下基于区域差异的科技金融战略发展对策研究 总被引：1，自引：0，他引：1
2018年以来，中美贸易争端狼烟四起，美国政府对我国相关高科技出口产品征收大幅关税、实施严苛投资限制的行为将给我国科技金融行业发展造成一定程度的冲击。与此同时，国内各区域科技金融发展差异悬殊，尤其是西部地区还处于起步阶段，极大不利于我国经济新常态的均衡发展。在此背景下，根据党的十九大提出的建设创新型国家战略，有效配置区域科技金融资源，大力提升科技创新能力，是我国战胜贸易战的根本举措。因而本文从中美贸易战的视角出发，通过梳理有关科技金融发展差异的国内外文献，在此基础上对我国区域科技金融发展现状和差异成因进行深入分析，以此提出科技金融战略发展的对策建议。 相似文献
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17.
In this paper, linkages of S&T activities between industry and science are statistically investigated, based on a firm level dataset from an S&T survey by the National Bureau of Statistics (NBS) of the PRC of about 22,000 manufacturing firms. During the transition period of China's innovation system from 1996 to 2002, firms’ S&T outsourcing activities increased significantly. Econometrics analysis reveals that (1) “absorptive capacity” for S&T outsourcing becomes important over time, (2) innovation system reforms for more market-based competition work for better incentive scheme for innovation though S&T linkage activities and (3) government funding of S&T induces more S&T linkages. 相似文献
18.
This paper studies the impact of R&D spending on output as well as forecasting the impact of a regionally enhanced R&D tax credit on the ‘user cost’ (or price) of R&D expenditure and subsequently the demand for R&D. The example we use of a ‘disadvantaged’ region is Northern Ireland (partly because it has the lowest levels of R&D spending in the UK, and partly because the necessary data is available for this region). We find that in the long run, R&D spending has a mostly positive impact on output across various manufacturing industries. In addition, plants with a zero R&D stock experience significant one-off negative productivity effects. As to the adjustment of R&D in response to changes in the ‘user cost’, our results suggest a rather slow adjustment over time, and a long-run own-price elasticity of around −1.4 for Northern Ireland. We also find that to have a major impact on R&D spending in the Province, the R&D tax credit would need to be increased substantially; this would be expensive in terms of the net exchequer cost. 相似文献
19.
利用主成分分析方法对中关村"双创"(大众创业、万众创新)发展现状进行定量测度,得出2016年中关村"双创"指数得分为130.79且呈逐年上升态势。其中,创新资源加速集聚,创新成果迅猛增长,产业结构向空间技术等高端化方向迈进;新创办企业数量增势迅猛,创业孵化能力逐步提高;"双创"生态服务系统逐步完善,进入"创服3.0"时代。但中关村仍面临大企业占据大量优势资源、中小企业"双创"投融资资金匮乏、金融服务体系和风险投资机制不完善等现实瓶颈。最后从构建市场和政府协同发力的激励机制视角出发,探索建立市场化投融资体系为主、政府优化"双创"环境为补充的功能互补机制。 相似文献
20.
This paper establishes an impact factor model among government R&D input, enterprise R&D input and IPRP in China. It uses data from 1992 to 2012 for regression analysis and finds that government R&D input in enterprises, institutions and universities has a leverage effect on enterprise R&D input, although the leverage effect caused by government R&D input in universities is not prominent, and proper IPRP can promote Chinese enterprise R&D input. The further Granger causality test shows that IPRP produced structural changes in Chinese enterprise R&D input in approximately 2002, and its leverage effect reached 0.147, which is double the previous effect and exceeds the leverage effect caused by government R&D in institutions and in universities. The findings verify that IPRP is the source of power for promoting Chinese enterprises’ technology innovation. 相似文献