关键词: 企业研发投入, 政府资助, 企业预期, 知识存量, 动态效应

Abstract: In order to deeply analyze the mechanism and impact of governmental funding in the process of corporate R&D investment，this article incorporates the policy of governmental funding into the decisionmaking process of corporate R&D investment，analyzes the mechanism of governmental funding policy on decision of corporate R&D investment，and further explores how governmental R&D funding affects the expected R&D benefits and reaction mechanism of corporate in the context of R&D uncertainty Theoretical models have found that governmental R&D funding has an incentive effect on Corporates own R&D investment The dynamic changes in the model indicate that there is a “learning by doing” effect in the corporate R&D activities Governmental funding has a dynamic impact on the corporate R&D investment In addition，based on the China Innovation Corporates Survey Database，the article empirically tests the impact of governmental R&D funding on corporate R&D investment The empirical results show that governmental R&D funding can effectively enhance corporate R&D investment，and this incentive effect is a dynamic process
The differences and potential innovations from existing literature lie in：Firstly，the article constructs a theoretical model to incorporate governmental funding into the decisionmaking framework of corporate innovation investment，and analyzes the mechanism by which governmental funding affects the R&D investment of corporate; Secondly，by analyzing the uncertain costs of governmental funding in reducing corporate R&D，and stimulating the enthusiasm of corporate to carry out innovation activities，corporates have a “learning by doing” effect in the process of innovation The accumulation of knowledge stock can improve the success rate of corporate innovation，enhance the expected R&D returns of corporates，and governmental funding has a dynamic impact on the corporate R&D investment; Thirdly，based on the China Innovation Corporates Survey Database，establish a policy evaluation model，and use a multi period DID model to analyze the policy impact of governmental funding on corporate R&D investment; Fourthly，through lag models and mediation effects models，we empirically test the dynamic effects and mechanisms of governmental funding on corporate R&D investment
The theoretical significance of this article lies in expanding the traditional R&D investment model from the perspective of corporate R&D investment decisionmaking，and quantitatively analyzing the impact of governmental funding on corporate R&D investment The practical significance of this article lies in the evaluation of the policy effects of governmental funding on corporate R&D，revealing that the key of governmental funding affecting corporate R&D investment is to reduce the cost of uncertainty in R&D The policy implication of this article is that corporate innovation is a key factor in achieving highquality economic development The government should better enhance the effectiveness of R&D funding policies

Key words: corporate R&, D investment；governmental funding；corporate expectation；knowledge stock；dynamic effect