期刊
REVIEW OF DEVELOPMENT ECONOMICS
卷 22, 期 2, 页码 685-705出版社
WILEY
DOI: 10.1111/rode.12361
关键词
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资金
- Special Program of Talents Development for Excellent Youth Scholars in Tianjin, National Natural Science Foundation of China [71403135, 71773055]
- Major Projects of the National Social Science Foundation of China [15ZDA057]
- Humanities and Social Science of Ministry of Education of the People's Republic of China [16YJC790114]
- China Postdoctoral Science Special Foundation [2017T100056]
How do government subsidies affect firm survival? By using Chinese firm-level data for 1998 to 2007, we show that, on average, there is a positive and significant impact of government subsidies on firm survival. We also investigate the heterogeneous effects of government subsidies with different intensities on firm survival, and find that moderate-intensity government subsidies exert a positive impact on firm survival, while high-intensity government subsidies increase the exit probabilities, the underlying mechanisms via subsidy-seeking investment and innovation incentive weakening are supported by empirical evidence. Furthermore, we explore the role of governance institutions in the subsidy-survival relationship, and find that the positive impact of government subsidies on firm survival is more pronounced in regions with better governance institutions.
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