An Empirical Study of the Effect of Public R&D Subsidies on Firm R&D Expenditure:Evidence from China
利用中国上市公司数据，实证检验公共研发补贴是否挤出了企业私人研发投资，结果发现补贴显著增加了企业研发支出，否定了挤出效应假说。
This paper analyzes the effects of public RD subsidies on innovation expenditure of Chinese listed companies.The key issue is whether public RD stimulates or simply crowds out private RD investment. Cross sectional data at the firm level are used to estimate the effect of subsidization.The empirical result shows that public funding increases firms' RD expenditure.So the hypothesis of crowding-out effects between public and private RD funding can be rejected.