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https://doi.org/10.2307/2109824

has been cited by the following article:

• TITLE: Government Subsidies, Financial Structure and R&D Investment: Evidence from Chinese SMEs

  AUTHORS: Xianzan Yin

  KEYWORDS: Government Subsidy, Internal Financing, Debt Financing, Equity Financing, R&D Investment

  JOURNAL NAME: Journal of Service Science and Management, Vol.12 No.2, February 25, 2019

  ABSTRACT: This paper studies the influence of government subsidies and financing structure on corporate R&D investments by using the empirical data of Chinese enterprises listed in SME board. The study finds that: 1) Internal financing has the greatest effect on R&D investments, followed by debt financing and equity financing. 2) Both government subsidies and corporate financing can significantly influence corporate R&D investments. 3) Government subsidies have a significant moderating effect on the relationship between corporate financing and R&D investments, that is, the more government subsidies the small and medium-sized enterprises receive, the more willing they are to invest funds from other financing channels into R&D activities. In the further sample test, it is also find that government subsidies have a greater effect on the promotion of R&D investments in non-state-owned enterprises than in state-owned enterprises.