The long-run effects of R&D subsidies on high-tech start-ups: Insights from Italy
研究了2009年意大利一项针对高科技初创企业研发项目的政府补贴，发现补贴显著增加了企业的无形资产并长期改善了绩效，但专利数量未受影响。
We study the impact of a government subsidy program in Italy targeted at R&D-intensive projects presented by high-tech startups in 2009. Using the score assigned by the scientific commission to each project, we employ a Regression Discontinuity Design to study how the subsidy affected successful firms’ innovation activity and performance over more than 10 years. We show that the subsidy led to substantial increases in intangible assets and had a lasting positive effect on various dimensions of firm performance. Innovation as measured by patents did not respond to the subsidy. • We evaluate the impact of an Italian R&D subsidy targeting high-tech start-ups. • The subsidy led to a substantial boost in intangible assets and firm outcomes. • Innovation as measured by patents did not respond to the subsidy.