{"title":"Government innovation subsidy, monetary policy, and corporate R&D investment: evidence from China","authors":"Yupeng Zhang, Min Huang, Yoonbai Kim, Qian Wang","doi":"10.1080/19761597.2022.2063145","DOIUrl":null,"url":null,"abstract":"ABSTRACT From a perspective of coordinating fiscal and monetary policies, this study constructs the government innovation subsidy indicator using the text search method, and examines the impact and mechanisms of government innovation subsidy on corporate research and development (R&D) investment, then investigates how expansionary monetary policy influences this effect. We find that government innovation subsidy can be a booster for corporate R&D by reducing corporate debt financing cost and increasing internal financing, and loose monetary policy suppresses the positive effect of government innovation subsidy on corporate R&D investment. This study offers macroeconomic policy implications that support corporate innovation.","PeriodicalId":45884,"journal":{"name":"Asian Journal of Technology Innovation","volume":"31 1","pages":"356 - 374"},"PeriodicalIF":1.8000,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Journal of Technology Innovation","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/19761597.2022.2063145","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 2
Abstract
ABSTRACT From a perspective of coordinating fiscal and monetary policies, this study constructs the government innovation subsidy indicator using the text search method, and examines the impact and mechanisms of government innovation subsidy on corporate research and development (R&D) investment, then investigates how expansionary monetary policy influences this effect. We find that government innovation subsidy can be a booster for corporate R&D by reducing corporate debt financing cost and increasing internal financing, and loose monetary policy suppresses the positive effect of government innovation subsidy on corporate R&D investment. This study offers macroeconomic policy implications that support corporate innovation.
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