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《Science Research Management》 2018-06
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Firm heterogeneity,government subsidy and R&D investment

Ren Haiyun;Nie Jingchun;Shaanxi Normal University;Xi'an Jiao Tong University;  
By using a sample of Chinese A-share manufacturing listed companies and considering firm heterogeneity,this paper applies generalized propensity score methods to explore whether government subsidy can stimulate firm RD investment and quantifies the dynamic effect range. We find that the subsidy effect presents interval features when subsidy intensity is beyond a certain range,the substitution effect will beyond the incentive effect. At present,the direct subsidies have stimulated effect on manufacturing listed companies in China and the average subsidy intensity is far below the threshold. We also find that the subsidy effect and the optimal subsidy range present heterogeneity of ownership,firm size and industries.
【Fund】: 教育部人文社会科学研究规划基金“企业集团内部资本市场对R&D投资的融资效应研究”(15YJA630052 2015.10-2018.10);; 中央高校基本科研业务费专项资金“R&D会计政策和税收优惠对企业研发投入影响的理论与实证研究”(14SZYB16 2014.6-2018.6);; 国家软科学研究计划“基于生命周期的技术创新基金资助效应及目标资助强度研究——以陕西省科技型中小企业为例”(2014GXS4D154 2014.12-2016.11)
【CateGory Index】: F273.1;F425;F812.45
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