University Knowledge Spillover and Research Fund Allocation: A Balance Between Funding for Frontier Research and Funding for Regional Development
Zhu Xiwei1, You Yong1, Wu Yiyun2, Luo Deming1
1.Center for Research for Private Economy, Zhejiang University, Hangzhou 310058, China 2.School of Economics, Zhejiang University of Finance & Economics, Hangzhou 310018, China
Abstract：Universities, as the producer and disseminator of knowledge, have knowledge spillover effects on enterprises, promoting enterprise innovation and regional economic development. We established a concise quantitative spatial economic model to explain the spillover effects of universities on enterprise innovation and its transmission mechanism. We then tried to establish a welfare analysis framework in order to explore the social welfare implications of the university research funds allocated by the central government. Based on the theoretical model, we empirically tested the knowledge spillover effects and its heterogeneity of Chinese universities on industrial enterprise innovation at the micro level. In light of the theoretical model and empirical results, we further calibrated the parameters, and conducted a counterfactual analysis on the allocation of university research funds so as to discuss the social welfare effects of university knowledge spillover effects and possible optimal allocation schemes of university research funds. The research includes three main aspects as follows.First, this research, by introducing university knowledge spillover into the quantitative spatial economic model, described the micro-region-macro transmission mechanism which follows the sequence of university fund investment, enterprise innovation, regional development and social welfare. Our model also creatively abstracted the issue of balance between equity and efficiency faced by China as a large developing country in the allocation of research funds. Should the Chinese central government invest only in a few universities to help them develop into world-class universities to enhance China’s cutting-edge science and technology, or allocate research funds in a more balanced way to expand knowledge spillovers for regional coordinated development? Our theoretical model reveals that, in order to maximize social welfare, the central government should strike a balance between supporting some universities to catch up with and surpass world-class universities and coordinating regional development.Second, based on the theoretical model, the research deduced a structural econometric model and conducted an empirical analysis on Chinese Industrial Enterprises Database and University Science and Technology Statistics Collection. Therefore, our empirical research has expanded the scope and scale of relevant research to a greater degree. This paper is not only the first to study the knowledge spillover effects between all industrial enterprises and all undergraduate universities, but also makes a point-to-point calculation of the spatial distance and spatial spillover effect indexes of universities and enterprises with the use of Baidu Map API at the micro level, finally identifying the knowledge spillover effects of all undergraduate universities on industrial enterprises. The empirical research has not only proved that university knowledge spillover can significantly promote enterprise innovation, but also discovered that the knowledge spillover effects of universities are highly heterogeneous: the knowledge spillover effects of universities are highly correlated with their research funds; high-level research-oriented universities have stronger capacity of knowledge spillover, and high-tech industries and large enterprises benefit more from knowledge spillovers from universities.Finally, according to the results of empirical regression and existing research, the parameters were substituted into the general equilibrium model for calibration. Counterfactual analysis was then conducted based on the welfare analysis framework of the calibration model. The results have showed that there is a certain efficiency loss in the current allocation scheme of research funds which is more inclined to the eastern regions, and its adjustment can raise social welfare up to 1.3 percentage points.In summary, our research has, on the one hand, theoretically expounded the balance between catching up with the world-class universities to occupy the sci-tech height and expanding knowledge spillover for regional coordinated development. This has provided a theoretical basis for the central government when optimizing the allocation of university research funds. On the other hand, with the micro data of universities and enterprises, the research has effectively identified the spillover effects of university knowledge and its heterogeneity, and then evaluated the welfare differences of various fund allocation schemes, so as to provide realistic basis and data support for the optimal allocation of research funds in China’s higher education.
朱希伟, 游勇, 吴意云, 罗德明. 大学知识溢出与科技经费配置：“顶天”与“立地”的权衡[J]. 浙江大学学报(人文社会科学版), 2022, 52(6): 30-52.
Zhu Xiwei, You Yong, Wu Yiyun, Luo Deming. University Knowledge Spillover and Research Fund Allocation: A Balance Between Funding for Frontier Research and Funding for Regional Development. JOURNAL OF ZHEJIANG UNIVERSITY, 2022, 52(6): 30-52.
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Shimmi Y. & Yonezawa A.， “Japan’s ‘Top Global University’ Project，” International Higher Education，Vol. 81 （2015）， pp. 27-28.2 Aghion P.， Dewatripont M. & Hoxby C. et al.， “Why reform Europe’s universities？” https：//www.bruegel.org/wp-content/uploads/imported/publications/pbf_040907_universities.pdf， 2021-09-30.3 Howitt P.， “From curiosity to wealth creation： how university research can boost economic growth，” 2013-06-05， https：//ssrn.com/abstract=2303886， 2021-09-30.4 夏怡然、陆铭： 《跨越世纪的城市人力资本足迹——历史遗产、政策冲击和劳动力流动》，《经济研究》2019年第1期，第132-149页。5 Che Y. & Zhang L.， “Human capital， technology adoption， and firm performance： impacts of China’s higher education expansion in the late 1990s，” Economic Journal， Vol. 128 （2018）， pp. 2282-2320.6 Jaffe A. B.， “Real effects of academic research，” American Economic Review， Vol. 79， No. 5 （1989）， pp. 957-970.7 Hipple V. E.， “Sticky information and the locus of problem solving： implications for innovation，” Management Science， Vol. 40， No. 4 （1994）， pp. 429-439.8 Liu S.， “Spillovers from universities： evidence from the Land-Grant Program，” Journal of Urban Economics，Vol. 87 （2015）， pp. 25-41.9 Shang Q.， Poon J. P. & Yue Q， “The role of regional knowledge spillovers on China’s innovation，” China Economic Review， Vol. 23 （2012）， pp. 1164-1175.10 刘志迎、单洁含： 《技术距离、地理距离与大学—企业协同创新效应——基于联合专利数据的研究》，《科学学研究》2013年第9期，第1331-1337页。11 周末、张宇杰、刘经纬等： 《高校知识溢出对本地工业企业绩效的空间影响》，《科学学研究》2017年第7期，第1054-1062页。12 梁俊伟、黄德成： 《高校知识溢出与企业创新绩效》，《经济理论与经济管理》2020年第1期，第82-96页。13 Acs Z. J. & Audretsch D. B.， “Innovation in large and small firms： an empirical analysis，” American Economic Review， Vol. 78， No. 4 （1988）， pp. 678-690.14 Griliches Z.， “Patent statistics as economic indicators： a survey，” Journal of Economic Literature，Vol. 28 （1990）， pp. 1661-1707.15 Baldwin R.， Forslid R. & Martin P. et al.， Economic Geography and Public Policy， Princeton： Princeton University Press， 2003.16 Behrman J. R. & Craig S. G.， “The distribution of public services： an exploration of local governmental preferences，” American Economic Review， Vol. 77， No. 1 （1987）， pp. 37-49.17 Castells A. & Solé-Ollé A.， “The regional allocation of infrastructure investment： the role of equity， efficiency and political factors，” European Economic Review， Vol. 49， No. 5 （2005）， pp. 1165-1205.18 Dixit A. & Londregan J.， “Ideology， tactics， and efficiency in redistributive politics，” Quarterly Journal of Economics， Vol. 113， No. 2 （1998）， pp. 497-529.19 董晓芳、袁燕： 《企业创新、生命周期与聚集经济》，《经济学（季刊）》2014年第2期，第767-792页。20 陈朝月、许治： 《重审内部研发和外部技术获取之间的关系：基于动态视角分析》，《科研管理》2020年第5期，第10-20页。21 Glaeser E. L.， Kallal H. & Scheinkman J. A. et al.， “Growth in cities，” Journal of Political Economy， Vol. 100， No. 6 （1992）， pp. 1126-1152.22 Audretsch D. B. & Feldman M. P.， “R&D spillovers and the geography of innovation and production，” American Economic Review， Vol. 86， No. 3 （1996）， pp. 630-640.23 Belenzon S. & Schankerman M， “Spreading the word： geography， policy and knowledge spillovers，” Review of Economics & Statistics， Vol. 95， No. 3 （2013）， pp. 884-903.24 Barra C.， Maietta O. W. & Zotti R.， “First， second and third tier universities： academic excellence， local knowledge spillovers and innovation in Europe，” http：//www.csef.it/WP/wp468.pdf， 2021-09-30.25 Corcoran J.， Faggian A. & Mccann P.， “Human capital in remote and rural Australia： the role of graduate migration，” Growth & Change， Vol. 41， No. 2 （2010）， pp. 192-220.26 Giunta A.， Pericoli F. M. & Pierucci E.， “University-industry collaboration in the biopharmaceuticals： the Italian case，” Journal of Technology Transfer， Vol. 41， No. 2 （2016）， pp. 818-840.27 Woodward D.， Figueiredo O.& Guimaraes P.， “Beyond the Silicon Valley： university R&D and high-technology location，” Journal of Urban Economics， Vol. 60， No .1 （2006）， pp. 15-32.28 Acs Z. J. & Audretsch D. B.， “Innovation， market structure， and firm size，” The Review of Economics and Statistics， Vol. 69， No. 4 （1987）， pp. 567-574.29 聂辉华、谭松涛、王宇锋等： 《企业规模和市场竞争：基于中国企业层面的面板数据分析》，《世界经济》2008年第7期，第57-66页。30 Anselin L.， Varga A. & Acs Z. J， “Local geographic spillovers between university research and high technology innovations，” Journal of Urban Economics， Vol. 42， No. 3 （1997）， pp. 422-448.31 梁文泉、陆铭： 《城市人力资本的分化：探索不同技能劳动者的互补和空间集聚》，《经济社会体制比较》2015年第3期，第185-197页。32 盛斌： 《中国工业贸易保护水平与结构的估算与分析》，《南开学报》2002年第1期，第94-102页。33 Combes P.-P.， Mayer T. & Thisse J.-F.， Economic Geography： The Integration of Regions and Nations， Princeton： Princeton University Press， 2008.34 Bound J.， Cummins C. & Griliches Z. et al.， “Who does R&D and who patents？” in Griliches Z.（ed.）， R&D， Patents， and Productivity， Chicago： University of Chicago Press， 1984， pp. 21-54.35 张军、吴桂英、张吉鹏： 《中国省际物质资本存量估算：1952—2000》，《经济研究》2004年第10期，第35-44页。36 郭庆旺、贾俊雪： 《中央财政转移支付与地方公共服务提供》，《世界经济》2008年第9期，第74-84页。
2022, Vol. 52 
