The Effects of Public R&D Subsidized Loans on Firms’ R&D Outputs: Evidence from China

Yuchen Gao, Si Zhang, Yimei Hu

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4 Citationer (Scopus)
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Abstract

R&D subsidized loans (tiexi daikuan) is an effective market-driven solution to promote firms’ R&D outputs, including patent applications and new product sales, in China. However, empirical examination on the effects of subsidized loans is insufficient. Using a panel data of manufacturing firms of Jiangsu Province from 2010 to 2014, the study investigates the effects of R&D subsidized loans on firms’ R&D outputs in comparison to that of the direct R&D grants. The results show that R&D subsidized loan recipients significantly outperform those who only receive direct grants in terms of new product sales. Meanwhile, subsidized loans inhibit the recipients’ exploratory patent applications and discourage R&D activities with higher risks. This study contributes to R&D subsidy literature and extends the knowledge in the roles of different types of public sponsorships on firms’ innovation.
OriginalsprogEngelsk
TidsskriftJournal of Business Economics and Management
Vol/bind22
Udgave nummer6
Sider (fra-til)1655-1678
Antal sider24
ISSN1611-1699
DOI
StatusUdgivet - 15 okt. 2021

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