The effect of subsidies on R&D in the financial crisis—the role of financial constraints of firms and banks

IF 2.8 4区管理学 Q2 BUSINESS Industrial and Corporate Change Pub Date : 2023-12-14 DOI:10.1093/icc/dtad071

Marek Giebel, Kornelius Kraft

引用次数: 0

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.

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金融危机中研发补贴的影响--企业和银行财务约束的作用

在金融危机期间，外部融资尤为困难，我们分析了补贴对企业研发的影响，条件是企业获得外部融资。具体来说，我们要确定补贴是否能减轻或完全抵消企业或银行外部融资限制的影响。财务限制是通过（i）企业的信用评级和（ii）银行的资本储备来考虑的。研究发现，在危机期间，补贴有助于维持研发投资，尤其是在存在金融约束的情况下。危机过后，受补贴企业的研发支出达到了危机前的水平。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.