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Yang, W., Wang, P., Li, Y.H. and Yang, D.Z. (2015) Research on the Impact of Financial Subsidy on R&D Investment and Performance of Enterprises—Evidence from Chinese GEM Listed Companies. Journal of Finance and Economics, 1, 24-31.

has been cited by the following article:

  • TITLE: The Impact of Public R & D Subsidies on Private R & D Expenditure and Its Innovation Performance—An Empirical Study Based on Industrial Enterprises in Guangdong Province

    AUTHORS: Jingwen Xia, Yi Zhu

    KEYWORDS: Public R & D Subsidies, Industrial Enterprises, Private R & D Expenditure, Innovation Performance

    JOURNAL NAME: Modern Economy, Vol.10 No.1, January 22, 2019

    ABSTRACT: Based on the panel data of Guangdong industrial enterprises from 2006 to 2013, this paper empirically studies the impact of public R & D subsidies on private R & D expenditure and the impact of the two on the innovation performance of enterprises by using random effects model and fixed effects model. The results show that public R & D subsidies can promote enterprises to carry out private R & D expenditure, and there is an obvious time lag. Using grouping studies, we found that low-level public R & D subsidies can encourage enterprises to increase their private R & D expenditure, but high-level public subsidies will crowd out part of private R & D expenditure. Finally, this paper divides the innovation performance of enterprises into the stage of knowledge output and the stage of marketization. In the knowledge output stage, public R & D subsidies and R & D staff input can significantly improve the innovation performance of enterprises; in the marketization stage, public R & D subsidies cannot promote the increase of new product income, while the private R & D expenditure of enterprises can significantly increase the income of new products.