Abstract
This study explores the efficiencies of firm’s R&D investment depending on the degree of reliance on government funding relative to firms’ private funding. Stochastic frontier analysis is applied on a sample of 30 provinces with data on R&D inputs and innovation outputs by all large- and medium-sized industrial firms in these provinces from 2000 to 2013. It is found that R&D investment financed by firms’ private funding is more efficient than that by government funding in generating new products, whereas R&D investment financed by government funding is more efficient than that by firms’ private funding in producing new patents.
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