期刊
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
卷 117, 期 -, 页码 339-345出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.techfore.2016.08.033
关键词
R&D subsidies; Ownership; R&D investment; Signal effect; Certification effect
资金
- National Natural Science Foundation of China (NSFC) [71203083, 71632004]
- social science planning project of Shandong Province [16CGIJ04]
R&D subsidies as a policy instrument are used to reduce market failure, apart from its input and output additionality, the notion of behavioural additionality has caused increasingly interest. We focus on the signal/certification effect of behavioural additionality, which means that government grants may serve as a signal for private investors. The signal effect is a certification enhancing a firm's access to external finance. The objective is to examine the impact of different ownership nature to the signal/certification effect. We use data on Chinese listed corporations from 2009 to 2013. The results show that receiving R&D subsidies increases the likelihood that firms will raise external finance, and the state-owned enterprises can receive more subsidies than private enterprises. However, the signal effect of R&D grants is stronger in private enterprises than that in state-owned enterprises of China, indicating that the ownership nature does matter in the R&D subsidies certification effect. This paper enriches current literature of government R&D subsidies by providing empirical evidences in Chinese mixed market. (C) 2016 Elsevier Inc. All rights reserved.
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