Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel
利用1990年代以色列制造业企业数据，发现研发补贴显著刺激了小企业的自有研发支出，但对大企业有负面效应（不显著）；平均每1新谢克尔补贴仅带来0.23新谢克尔的企业自有研发增加。
In evaluating the effect of an R&D subsidy we need to know what the subsidized firm would have spent on R&D had it not received the subsidy. Using data on Israeli manufacturing firms in the 1990s we find evidence suggesting that the R&D subsidies granted by the Ministry of Industry and Trade greatly stimulated company financed R&D expenditures for small firms but had a negative effect on the R&D of large firms, although not statistically significant. One subsidized New Israeli Shekel (NIS) induces 11 additional NIS of own R&D for the small firms. However, because most subsidies go to the large firms a subsidy of one NIS generates, on average, a statistically insignificant 0.23 additional NIS of company financed R&D.