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Opening the box of subsidies: which is more effective for innovation?

Author

Listed:
  • Shiyuan Liu

    (Sichuan University)

  • Jiang Du

    (Sichuan University)

  • Weike Zhang

    (Sichuan University)

  • Xiaoli Tian

    (Southwest University of Finance and Economics of China)

Abstract

Government research and development (R&D) subsidy is one of the main policy instruments to deal with market failure, and its effectiveness has attracted attention increasingly. This study investigates the impact of two types of government R&D subsidies on innovation using the data of Chinese listed enterprises from 2010 to 2016. We find that compared with ex-post rewards, ex-ante grants have a better effect on innovation performance by stimulating private R&D investment. Additionally, the effectiveness of government R&D subsidies is weakened in enterprises engaging in rent-seeking and political connections. This study provides a new perspective for understanding the effect of government R&D subsidies, and the research conclusions are the relevant reference for the government to improve the efficiency of allocating public funds.

Suggested Citation

  • Shiyuan Liu & Jiang Du & Weike Zhang & Xiaoli Tian, 2021. "Opening the box of subsidies: which is more effective for innovation?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 421-449, September.
    • Handle: RePEc:spr:eurasi:v:11:y:2021:i:3:d:10.1007_s40821-020-00178-2
    DOI: 10.1007/s40821-020-00178-2
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    More about this item

    Keywords

    Research and development (R&D) subsidies; Ex-ante grants; Ex-post rewards; Innovation performance;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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