关键词: 研发强度, 周期特征, 融资约束, 长期经济增长

Abstract: This paper investigates the impact and its mechanism of business cycle and long-term economic growth on R&D intensity based on panel data for 26 developed countries and 16 developing countries over the period of 1998-2010, and investigates current situation of China in its transition period using annual panel data for 30 provinces & cities of china over the same period. We find that the R&D intensity of developed countries shows growth-cyclical characteristics and R&D intensity of developing countries moves counter-cyclically. Long-term economic growth has negative impact on R&D intensity of developed countries, and on the contrary, it has positive impact on developing countries. We also find that, the cyclical characteristics of R&D intensity differ significantly in countries with different R&D expenditure level. In addition, cyclical characteristics of R&D intensity of China is identical to other developing countries, except for the difference which is that economic expansion has stronger negative impact on R&D intensity of China, which leads to greater negative effect of continuing economic fluctuation on R&D intensity.

Key words: R&D Intensity, Cyclical Characteristics, Financing Constraints, Long-term Economic Growth