政府创新补贴、货币政策与企业研发投入：来自中国的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-04-26 DOI:10.1080/19761597.2022.2063145

Yupeng Zhang, Min Huang, Yoonbai Kim, Qian Wang

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引用次数: 2

摘要

本文从财政与货币政策协调的视角出发，运用文本检索方法构建政府创新补贴指标，考察政府创新补贴对企业研发投资的影响及其机制，并探讨扩张性货币政策对这种影响的影响机制。研究发现，政府创新补贴可以通过降低企业债务融资成本和增加内部融资来促进企业研发，宽松的货币政策抑制了政府创新补贴对企业研发投入的积极作用。本研究提供了支持企业创新的宏观经济政策启示。

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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Government innovation subsidy, monetary policy, and corporate R&D investment: evidence from China

ABSTRACT From a perspective of coordinating fiscal and monetary policies, this study constructs the government innovation subsidy indicator using the text search method, and examines the impact and mechanisms of government innovation subsidy on corporate research and development (R&D) investment, then investigates how expansionary monetary policy influences this effect. We find that government innovation subsidy can be a booster for corporate R&D by reducing corporate debt financing cost and increasing internal financing, and loose monetary policy suppresses the positive effect of government innovation subsidy on corporate R&D investment. This study offers macroeconomic policy implications that support corporate innovation.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.