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| R&D Input Promotes Economic Development in China: Capital Attribute or InnovationIncentive Attribute? |
| Wang Shenling1,Wang Liangyong2 |
1.School of Statistics and Applied Mathematics,Anhui University of Finance and Economics,Bengbu 233030,China;
2.Academy of Marxism,Anhui University of Finance and Economics,Bengbu 233030,China |
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Abstract On the basis of the real option characteristics of R&D input,we divided it into the capital attribute and the innovation incentive attribute according to its action path to the economic development,and made a new design for the Black-Scholes pricing model.On this basis,we measured the amount of R&D funds which was only as capital in a certain level of technology and economic development.We compared the measured value with actual R&D input,and found that the innovation incentive attribute had more significant effect on Chinese economic development.However,the role of capital attributes on economic development had increased from 2007 to 2014.The increasing R&D input had increasingly shown its capital attributes.In view of the continuous improvement of R&D intensity over years,we proposed to make some adjustments to R&D investment structure and scale in China.
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Received: 07 April 2017
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2018, Vol. 0 
