R&D and Productivity in the UK: evidence from firm-level data in the 1990s
R&D and Productivity in the UK: evidence from firm-level data in the 1990s
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发表时间：
2006
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通讯作者：
M. Rogers
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作者：
M. Rogers
与其他主要经济体相比，英国的商业研发（BERD）与GDP的比率较低，并且该比率在20世纪90年代缓慢下降。本文使用英国大型企业的数据来分析1989-2000年期间R&D和生产率之间的联系。使用生产函数的方法，和样本多达719家企业，各种不同的样本和估计被用来评估的弹性，和回报率，R&D。结果表明，英国的研发回报率与其他主要经济体的回报率相似。此外，1990年代研发的收益相对稳定。没有证据表明，股票市场上市公司，或具有较高的过去盈利能力的公司，有显着不同的回报。总体而言，结果表明，英国的BERD与GDP之比较低，不太可能是由于直接的财务或人力资本限制（因为这些意味着找到相对较高的回报率）。相反，BERD与GDP的比率低似乎反映了公司的机会少（感知）以及公司无力管理研发以创造价值。该文件提供了一些初步证据，表明科学部门的高竞争率与研发回报率低有关。
The UK`s business R&D (BERD) to GDP ratio is low compared to other leading economies, and the ratio has slowly declined over the 1990s. This paper uses data on large UK firms to analyse the link between R&D and productivity over the 1989-2000 period. Using a production function approach, and a sample of up to 719 firms, various different samples and estimators are used to assess the elasticity of, and rate of return to, R&D. The results indicate that UK returns to R&D are similar to returns in other leading economies. Furthermore, the returns to R&D have been relatively stable over the 1990s. There is no evidence to suggest that stock market listed firms, or firms with higher past profitability, have significantly different returns. Overall, the results suggest that the low BERD to GDP ratio in the UK is unlikely to be due to direct financial or human capital constraints (as these imply finding relatively high rates of return). Instead, the low BERD to GDP ratio appears to reflect low (perceived) opportunities by firms and the inability of firms to manage R&D to generate value. The paper provides some, tentative evidence, that high rates of competition in the science-based sector are associated with low returns to R&D.