How did the great financial crisis (GFC) of 2008–2010 impact on R&D and innovation in the United Kingdom and internationally? What can we learn about the likely innovation effects of the COVID-19 crisis on small and medium enterprises (SME) innovation? Numerous international studies suggest the strong procyclicality of R&D and innovation investments in firms: investment rises in recovery and falls sharply in times of crisis. This procyclicality is driven in firms by both internal financial resources or slack and varying market incentives for innovation. Cash constraints, in particular, may impact most strongly on R&D and innovation investments by smaller firms. In the United Kingdom, the proportion of innovating firms fell by around a third during the GFC and took around four to six years to recover. Recovery was also uneven – notably weaker in some sectors and regions. The COVID-19 crisis seems likely to leave many firms financially weaker, with the most significant impacts on the willingness or ability of SMEs to sustain R&D and innovation. Where firms are able to sustain these investments, however, the evidence from the GFC suggests that they will lead to better survival chances, stronger growth and higher profitability. Some additional financial support for innovation has been announced by the UK government. Whether this will be sufficient to sustain SME levels of innovative activity, however, remains to be seen.

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COVID-19之后的研发和创新：我们可以期待什么？金融危机后的先前研究和数据趋势回顾

2008-2010年的严重金融危机（GFC）对英国和国际上的研发与创新有何影响？我们如何了解COVID-19危机对中小企业（SME）创新的可能创新影响？众多国际研究表明，企业研发和创新投资具有较强的顺周期性：投资在复苏中上升，而在危机时期急剧下降。在企业中，这种顺周期性是由内部财务资源或松懈以及创新的市场激励因素不同所驱动的。现金限制尤其可能对较小公司的研发和创新投资产生最大影响。在英国，全球金融危机期间，创新型企业的比例下降了约三分之一，并且大约需要四到六年的时间才能恢复。复苏也不平衡-在某些部门和地区明显较弱。COVID-19危机似乎可能使许多公司的财务状况变弱，对中小企业维持研发和创新的意愿或能力产生最重大的影响。但是，在公司能够维持这些投资的地方，GFC的证据表明，它们将带来更好的生存机会，更强劲的增长和更高的盈利能力。英国政府已经宣布了一些用于创新的额外财政支持。但是，这是否足以维持中小企业的创新活动水平尚待观察。但是，在公司能够维持这些投资的地方，GFC的证据表明，它们将带来更好的生存机会，更强劲的增长和更高的盈利能力。英国政府已经宣布了一些用于创新的额外财政支持。但是，这是否足以维持中小企业的创新活动水平尚待观察。但是，在公司能够维持这些投资的地方，GFC的证据表明，它们将带来更好的生存机会，更强劲的增长和更高的盈利能力。英国政府已经宣布了一些用于创新的额外财政支持。但是，这是否足以维持中小企业的创新活动水平尚待观察。