R&D subsidy, non-R&D subsidy and institutional investors' subscription for private placement of new shares: Evidence from China's securities market

IF 2.9 3区 经济学 Q1 ECONOMICS
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引用次数: 0

Abstract

Based on the data of listed companies in Shanghai and Shenzhen that have implemented private equity placements (PEP) from 2007 to 2020, we examine the impact of different types of government subsidies on institutional investors' participation in PEPs. We found that, first, the more government R&D subsidies obtained by companies issuing PEP, the greater the proportion of strategic investors’ subscriptions, with corporate R&D investment playing an intermediary role. Second, the participation of strategic investors in PEPs can effectively contribute to the positive impact of R&D subsidies on firms' innovation output, while the participation of financial investors doesn’t. This study reveals the heterogeneity of the information transfer effects of government subsidies and the investment preferences of institutional investors. Our research provides empirical evidence for the authority to improve the government subsidy policy and PEP system, and provide a referenced theoretical basis for institutional investors who intend to participate in PEPs.

研发补贴、非研发补贴与机构投资者认购非公开发行新股:来自中国证券市场的证据
基于 2007 年至 2020 年沪深两市上市公司实施非公开发行股票(PEP)的数据,我们研究了不同类型的政府补贴对机构投资者参与 PEP 的影响。我们发现,首先,发行私募股权的企业获得的政府研发补贴越多,战略投资者的认购比例就越大,而企业研发投资则起到中介作用。其次,战略投资者参与PEP能有效促进研发补贴对企业创新产出的积极影响,而财务投资者的参与则不能。本研究揭示了政府补贴的信息传递效应与机构投资者投资偏好的异质性。我们的研究为权威部门完善政府补贴政策和PEP制度提供了经验证据,也为有意参与PEP的机构投资者提供了可参考的理论依据。
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来源期刊
CiteScore
6.00
自引率
2.90%
发文量
118
期刊介绍: The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.
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