English  邮箱登录
首页 亚搏体育app地址概况 师资队伍 社科基地 学术刊物 学术信息 论坛会议 研究生教育 合作交流 培训教育 留学生 就业
公告栏 更多>> 
联系电话:0531-88364000 88364128
传 真:0531-88364981
当前位置: 首页 >> 发表论文 >> 正文
王凤荣,李亚飞和孙锦萍:The transformation effect of R&D subsidies on firm performance: An empirical study based on signal financing and innovation incentives
发布时间:2020年06月03日 09:50   作者:亚搏体育app地址   点击:[]

此文被Chinese Management Studies接收,于2020年第2期发表,全文见附件。


Purpose – This paper studies the transformation effect of research and development (R&D) subsidies on firm performance in emerging economies from the perspective of capital and product markets. It also studies the mechanisms behind R&D subsidies’ transformation effect.

Design/methodology/approach – This study mainly explores the transformation effect of government R&D subsidies on corporate performance and its non-linear characteristics using Chinese A-share listed companies’ data from 2008 to 2016. We use the instrumental variable method to reduce endogenous problems and conduct a series of robustness tests to support our conclusions. The mechanisms of the transformation effect are explored via mediation effect models. The impact of firm heterogeneities on the transformation effect is also addressed.

Findings Results indicate that R&D subsidies promote firm performance and experience obvious transformation effects only within a ‘moderate interval’. R&D subsidies play a vital role in enhancing firm performance mainly via two mechanisms, namely, signal financing and innovation incentives. Further, the transformation effect is much greater in non-state-owned, young, and large enterprises.

Originality/value This paper contributes to understand that how R&D subsidies affect corporate performance from the perspective of capital and product markets by applying the linear and non-linear techniques that can clarify the relationship between the selected variables under study. The findings of this study might be helpful to identify the right directions for the government to implement and promote the R&D subsidy policies more effectively.

Keywords R&D subsidies; Firm performance; Signal financing; Innovation incentives

上一条:Sueyoshi,T.,李爱军, 刘晓红:Exploring Sources of China’s CO2 Emission: Decomposition Analysis under Different Technology Changes 下一条:王高望、李芳慧、邹恒甫:The spirit of capitalism and optimal capital taxation



Copyright 2001-2010 The Center For Economic Research, Shangdong University, All Rights Reserved