研发补贴是促进还是抑制企业研发合作？中国风险承受能力作用的实证分析

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-01-07 DOI:10.1016/j.gfj.2025.101075

Duan Liu , Tingfang Zhang , Yuntian Jiang , Hong Wan

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引用次数: 0

摘要

以往对行为附加性理论的研究表明，政府研发补贴可以通过提高企业的学习能力，对研发合作产生正向影响。然而，很少有研究涉及研发补贴对企业创新不确定性风险承受能力的潜在影响。本研究以2009年至2020年在创业板上市的中国企业为样本，考察了政府研发补贴对研发合作的影响。研究结果揭示了研发补贴对合作的负行为附加性：补贴增加了企业对创新不确定性的风险容忍度，激励企业追求自主创新，反过来又降低了企业对研发合作的参与度。异质性分析进一步表明，研发补贴的抑制效应在资金约束程度较低的企业、竞争力较强的行业和非国有企业中更为明显。

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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Do R&D subsidies promote or inhibit firm R&D collaboration? An empirical analysis on the role of risk tolerance in China

Previous studies on behavioral additionality theory suggest that government R&D subsidies can positively influence R&D collaboration by enhancing firms' learning capabilities. However, few studies address the potential impact of R&D subsidies on firms' risk tolerance for innovation uncertainty. This study examines how government R&D subsidies influence R&D collaboration, using a sample of Chinese firms listed on the Growth Enterprises Market between 2009 and 2020. Our findings reveal a negative behavioral additionality of R&D subsidies on collaboration: subsidies increase firms' risk tolerance for innovation uncertainty, motivating them to pursue independent innovations and, in turn, reducing their engagement in R&D collaboration. Heterogeneity analysis further shows that this inhibitory effect of R&D subsidies is more pronounced in firms with lower financial constraints, in more competitive industries, and in non-state-owned enterprises.

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.