Do Government R&D Subsidies Stimulate Corporate R&D Investment? Evidence from a Quasi-natural Experiment

被引：3
|
作者：
Wu, Ying [1 ]
Zhang, Yi [1 ]
Tian, Lihui [2 ,3 ]
机构：
[1] Southwestern Univ Finance & Econ, Sch Finance, Room 316,Gezhi Builing,555 Liutai Ave, Chengdu 611130, Sichuan, Peoples R China
[2] Nankai Univ, Inst Financial Dev, Tianjin, Peoples R China
[3] Guangxi Univ, China Asean Inst Financial Cooperat, Nanning, Guangxi, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2023年 / 30卷 / 03期
关键词：
Government subsidies; R&D investment; DID;
D O I：
10.1080/13504851.2021.1983915
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the impact of Guangdong provincial R&D subsidies policy on corporate R&D investment.(1) (1) Guangdong has ranked first in terms of GDP in all Chinese provinces for many years. There are 643 Chinese A-share stock market listed firms in Guangdong in 2019. Using a large sample of Chinese firms for the 2011-2017 period and DID methodology, we find that government R&D subsidies have a negative and significant effect on corporate R&D investment. Our findings are robust to a battery of sensitivity tests. Our study supports the 'crowd out effect' of government R&D subsidies.
引用
收藏
页码：280 / 284
页数：5
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