The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks
研究了金融危机期间补贴对企业研发的影响，发现补贴有助于缓解企业和银行的融资约束，维持研发投资，并在危机后恢复至危机前水平。
Abstract We analyze the effect of subsidies on firm R&D, conditional on firms’ access to external financing during the financial crisis when access to external financing was particularly difficult. Specifically, we determine whether subsidies can mitigate or completely offset the effect of external financing constraints of firms or banks. Financial constraints are considered through (i) firms’ credit ratings, and (ii) the capital reserves of their banks. Subsidies were found to help maintain R&D investments during the crisis, especially when financial constraints were present. After the crisis, the subsidized firms reached the level of R&D spending they had prior to the crisis.