R&D subsidies and business R&D: Evidence from high-tech manufacturing firms in Jiangsu |
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| Institution: | 1. School of Economics, Renmin University of China, PR China;2. School of Agricultural Economics and Rural Development, Renmin University of China, PR China;1. University of Western Australia, 35 Stirling Highway, Crawley, WA 6009, Australia;2. Stanford University, 520 Galvez Mall, CERAS Building, 5th Floor, Stanford, CA 94305-3084, USA;3. Central University of Finance and Economics, 39 Xueyuan South Road, Haidian District, Beijing 100081, China;1. School of International Trade and Economics, Central University of Finance and Economics, 39 South College Road, Haidian District, Beijing 100081, PR China;2. Department of International Economics & Trade, Nanjing University, 22 Hankou Road, Nanjing, 210093, PR China;1. Federal Reserve Bank of Atlanta, United States;2. Federal Reserve Bank of Atlanta, Emory University, Sichuan University (China), and NBER, United States;3. Shanghai Jiaotong University, China |
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| Abstract: | We investigate how R&D subsidies affect business R&D investments using cross-section data of high-tech manufacturing firms in Jiangsu province of China. Our estimations based on propensity score matching suggest that public subsidies positively influence business R&D investments. Further classifying firms into different groups by size, financial constraints, and ownership, we find that the stimulation effect is more significant and stronger for smaller firms, more financially constrained firms, and private-owned firms. The heterogeneity of policy effects with respect to export status, Relative Comparative Advantage index, region, and industry are also discussed. |
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