{"title":"释放流动性约束或竞争潜力:R&D资助对外部融资对创新的影响","authors":"Byunggeor Moon","doi":"10.1016/j.iedeen.2022.100195","DOIUrl":null,"url":null,"abstract":"<div><p>This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy by utilizing a matching method using unique features of Korea's R&D grant programs. Our empirical results show that firms that receive R&D grants further receive 22%-32% less external financing compared to those who do not receive R&D grants, though there are some differences in the statistical significance of the results based on the specification of the regression model. This is consistent with the view that R&D grants reduce firms’ liquidity constraints, or that government support effectively crowds out funding from the financial market.</p></div>","PeriodicalId":45796,"journal":{"name":"European Research on Management and Business Economics","volume":"28 3","pages":"Article 100195"},"PeriodicalIF":7.1000,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2444883422000018/pdfft?md5=299477ec6d136b1708de799b3e044a08&pid=1-s2.0-S2444883422000018-main.pdf","citationCount":"9","resultStr":"{\"title\":\"Unleash liquidity constraints or competitiveness potential: The impact of R&D grant on external financing on innovation\",\"authors\":\"Byunggeor Moon\",\"doi\":\"10.1016/j.iedeen.2022.100195\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy by utilizing a matching method using unique features of Korea's R&D grant programs. Our empirical results show that firms that receive R&D grants further receive 22%-32% less external financing compared to those who do not receive R&D grants, though there are some differences in the statistical significance of the results based on the specification of the regression model. This is consistent with the view that R&D grants reduce firms’ liquidity constraints, or that government support effectively crowds out funding from the financial market.</p></div>\",\"PeriodicalId\":45796,\"journal\":{\"name\":\"European Research on Management and Business Economics\",\"volume\":\"28 3\",\"pages\":\"Article 100195\"},\"PeriodicalIF\":7.1000,\"publicationDate\":\"2022-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S2444883422000018/pdfft?md5=299477ec6d136b1708de799b3e044a08&pid=1-s2.0-S2444883422000018-main.pdf\",\"citationCount\":\"9\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"European Research on Management and Business Economics\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2444883422000018\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Research on Management and Business Economics","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2444883422000018","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Unleash liquidity constraints or competitiveness potential: The impact of R&D grant on external financing on innovation
This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy by utilizing a matching method using unique features of Korea's R&D grant programs. Our empirical results show that firms that receive R&D grants further receive 22%-32% less external financing compared to those who do not receive R&D grants, though there are some differences in the statistical significance of the results based on the specification of the regression model. This is consistent with the view that R&D grants reduce firms’ liquidity constraints, or that government support effectively crowds out funding from the financial market.
期刊介绍：
European Research on Management and Business Economics (ERMBE) was born in 1995 as Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE). The journal is published by the European Academy of Management and Business Economics (AEDEM) under this new title since 2016, it was indexed in SCOPUS in 2012 and in Thomson Reuters Emerging Sources Citation Index in 2015. From the beginning, the aim of the Journal is to foster academic research by publishing original research articles that meet the highest analytical standards, and provide new insights that contribute and spread the business management knowledge
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