Unleash liquidity constraints or competitiveness potential: The impact of R&D grant on external financing on innovation

IF 7.1 3区管理学 Q1 BUSINESS

European Research on Management and Business Economics Pub Date : 2022-09-01 DOI:10.1016/j.iedeen.2022.100195

Byunggeor Moon

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引用次数: 9

Abstract

This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy by utilizing a matching method using unique features of Korea's R&D grant programs. Our empirical results show that firms that receive R&D grants further receive 22%-32% less external financing compared to those who do not receive R&D grants, though there are some differences in the statistical significance of the results based on the specification of the regression model. This is consistent with the view that R&D grants reduce firms’ liquidity constraints, or that government support effectively crowds out funding from the financial market.

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释放流动性约束或竞争潜力:R&D资助对外部融资对创新的影响

本文使用韩国研发项目的内部数据来分析研发的接受如何影响研发企业随后获得的技术创新外部融资额。我们通过使用韩国研发资助计划的独特特征的匹配方法，解决了在估计研发政策影响时出现的样本选择和内生性问题。我们的实证结果表明，与没有获得研发资助的企业相比，获得研发资助的企业获得的外部融资进一步减少了22%-32%，尽管基于回归模型的规范，结果在统计显著性上存在一些差异。这与以下观点是一致的:研发拨款减少了企业的流动性限制，或者政府支持有效地挤出了金融市场的资金。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Research on Management and Business Economics Multiple-

CiteScore

11.70

自引率

3.40%

发文量

审稿时长

50 weeks

期刊介绍： European Research on Management and Business Economics (ERMBE) was born in 1995 as Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE). The journal is published by the European Academy of Management and Business Economics (AEDEM) under this new title since 2016, it was indexed in SCOPUS in 2012 and in Thomson Reuters Emerging Sources Citation Index in 2015. From the beginning, the aim of the Journal is to foster academic research by publishing original research articles that meet the highest analytical standards, and provide new insights that contribute and spread the business management knowledge