{"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":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/19761597.2022.2063145","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","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.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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