Are Incentives for R&D Effective? Evidence from a Regression Discontinuity Approach
利用意大利北部一项研发补贴项目的断点回归设计，发现补贴整体上未显著增加企业投资，但小企业投资增加了约等于补贴金额，大企业则无此效应。
This paper evaluates a unique R&D subsidy program implemented in northern Italy. Firms were invited to submit proposals for new projects and only those which scored above a certain threshold received the subsidy. We use a sharp regression discontinuity design to compare the investment spending of subsidized firms with that of unsubsidized firms. For the sample as a whole we find no significant increase in investment. This overall effect, however, masks substantial heterogeneity in the program's impact. We estimate that small enterprises increased their investments—by approximately the amount of the subsidy they received—whereas larger firms did not.