Debt financing of SMEs: The certification role of R&D Subsidies
研究意大利马尔凯大区2005-2012年公共研发补贴对中小企业债务融资的影响，发现补贴改变了债务结构（偏向长期、低成本），并发挥了认证作用，尤其对年轻、高科技、高风险企业。
This study investigates the (unintended) effects of public subsidies for research and development (R&D) on the debt financing of small and medium-sized enterprises (SMEs) by examining a public program implemented in the Marche region of Italy during the 2005–2012 period. The study combines matching methods with a difference-in-differences estimator to examine whether receiving public subsidies affects total indebtedness and the structure and cost of debt of awarded firms. The results indicate that R&D subsidies are associated with a modification of firm debt structure (especially for young, high-tech, and risky firms) in favor of long-term maturities and help firms limit the average cost of debt. Subsidies also foster the use of bank financing and reduce trade debt, but they do not affect the overall level of debt. Taken together, these findings suggest that the public funding of SME innovation projects plays a certification role in the access to external financial resources for firms receiving subsidies.