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عنوان فارسی مقاله:

اثر سیگنال دولتی سوبسید های تحقیق و توسعه در چین: آیا مالکیت مهم است؟


عنوان انگلیسی مقاله:

The signal effect of Government R&D Subsidies in China: Do ownership matter?


سال انتشار : 2016



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3. Research design

 3.1. Sample Taking Chinese listed companies as sample, this paper selects the companies at least 5 years continuous disclosure of R&D intensity data and the data of government R&D subsidies from 2009 to 2013. Because the influence of R&D subsidies on R&D investment lags behind, all government R&D subsidies lagged one period of enterprises' R&D investment. In the process of data selection, eliminating the enterprises without R&D investment, government subsidies, special treatment or particular transfer enterprises, the final selection of sample size is 485. 3.2. Variables The measure for government R&D subsidies intensity is standardized by government's R&D subsidies divided by total assets, i.e. the subsidy amount related technological innovation from the item of nonoperating income in the consolidated income statement divided by total assets. Compared with the stock market, the external debt market can give enterprises a greater proportion of financing, having become a major source of external financing, so the choice of financial loans as external investment index is reasonable. Two indexes are usually used to measure the innovation performance, including new product sales and the number of invention patents. New product sales indicate the effect of public R&D subsidies on firm's innovation output evaluated by the market, and the number of invention patents measures the inventive output of a firm at an intermediate stage of the R&D process, i.e., when the invention is not yet commercialized. Further, a number of control variables are used in this study. Empirical evidence shows a positive relationship between firm size and the likelihood of engaging in R&D activities. Hence, we expect a positive relationship between firm size and the probability of R&D activities. Firm size is measured by the value of assets. On the one hand, the activities of R&D and innovation are dynamic processes where temporal persistence is relevant, so older firms have more probability and opportunities to engage in R&D activities. On the other hand, younger firms are more likely to suffer from financial constraints, so their desire for R&D subsidies is higher than older firms. In addition, competition can promote the enterprises to carry out innovation activities by constructing model to discover the enterprise innovation behavior under different market structure (Arrow, 1962). Thus, there is a big difference between different ownerships. It is no doubt that human capital is a key factor affecting R&D activities. R&D investments are subject to financial barriers, and the profit getting from operation is one of the important sources of funding for sustainable innovation. This variable is measured as the ratio of operating profit to operating income. Firms with long-term debt contracts may diminish financial constraints. These firms with long-term debt ratio are more likely to engage in R&D and they may be more prone to apply for public R&D subsidies. In summary, those variables affecting R&D activities are dealt as control variables, showed in Table 1.subsidies than private enterprises, which indicates that there are some preferences and unfairness in R&D subsides. However, the signal effect of R&D grants is stronger in private enterprises than that in SOEs. Summary, government R&D subsidies thus generate a significant signal/certification effect to external financiers and the ownership nature does matter to the effect. Our results are robust to a series of alternative explanations. This study contributes to the literature in the following aspects.



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کلمات کلیدی:

[PDF]Working Paper No. 494 Government Subsidized R&D and Innovation ... scid.stanford.edu/sites/default/files/publications/494wp_0.pdf by D Guo - ‎2014 - ‎Cited by 3 - ‎Related articles Government Subsidized R&D and Innovation Outputs: An Empirical Analysis on China's Innofund Program. Di Guo, Yan Guo, and Kun Jiang. *. February 2014. Lecture 12 -- Government Subsidies of R&D classes.maxwell.syr.edu/pai776/lectures/scilct12.html Whereas intellectual property rights encourage R&D by making it easier for firms to reap the rewards of their work, government subsidies directly influence the ... [PDF]The Dynamics of Direct R&D Subsidies in Germany - Economics of ... iri.jrc.ec.europa.eu/.../Who%20gets%20the%20money%20-%20The%20dynamics%2... aims, and mechanisms regarding direct R&D project subsidies. Section 3 reviews ... with the German Federal Government's direct R&D funding database. I have. Government R&D Subsidies as a Signal for Private Investors https://ideas.repec.org/p/bav/wpaper/066_kleer.html by R Kleer - ‎2008 - ‎Cited by 97 - ‎Related articles Government subsidies for R&D are intended to promote projects with high returns to society but too little private returns to be beneficial for private investors.