Government innovation subsidy, monetary policy, and corporate R&D investment: evidence from China

被引：5
|
作者：
Zhang, Yupeng [1 ]
Huang, Min [1 ]
Kim, Yoonbai [2 ,3 ]
Wang, Qian [4 ]
机构：
[1] East China Normal Univ, Sch Econ, Shanghai, Peoples R China
[2] Liaoning Univ, Li Anmin Adv Inst Finance & Econ, Shenyang, Liaoning, Peoples R China
[3] Univ Kentucky, Gatton Coll Business & Econ, Lexington, KY USA
[4] Shanghai Univ Int Business & Econ, Sch Trade Negotiat, Rm 404,Multifunct Bldg,620 Gubei Rd, Shanghai 200336, Peoples R China
来源：
ASIAN JOURNAL OF TECHNOLOGY INNOVATION | 2023年 / 31卷 / 02期
关键词：
Government innovation subsidy; monetary policy; R&D investment; debt financing costs; internal financing; FIRM; MARKET; CONSTRAINTS; PROGRAMS; BANKING; GROWTH; PANEL;
D O I：
10.1080/19761597.2022.2063145
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
From a perspective of coordinating fiscal and monetary policies, this study constructs the government innovation subsidy indicator using the text search method, and examines the impact and mechanisms of government innovation subsidy on corporate research and development (R&D) investment, then investigates how expansionary monetary policy influences this effect. We find that government innovation subsidy can be a booster for corporate R&D by reducing corporate debt financing cost and increasing internal financing, and loose monetary policy suppresses the positive effect of government innovation subsidy on corporate R&D investment. This study offers macroeconomic policy implications that support corporate innovation.
引用
收藏
页码：356 / 374
页数：19
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