The Determinants of Industrial R&D: A Funds Flow Simultaneous Equation Approach
构建资金流联立方程模型，分析美国产业研发的决定因素，发现研发受内部资金和外部融资影响，且政府支出未挤出私人研发。
In this paper a general flow of funds model explaining aggregate RD (b) although some previous studies using U.S. data have concluded that RD (c) consistent with recent studies, no evidence of crowding out of private expenditures by government expenditures could be found.