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| The Impact of Government Subsidies on Other Sources of Science and Technology Funds for Enterprises |
| Yan Xiaochang, Huang Guitian |
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Abstract In the current institutional environment, the level of intellectual property protection is still low, and the R&D investment of enterprises is insufficient. To encourage R&D activities of enterprises, the government usually uses science and technology subsidies policy as one of policy instruments. Based on the panel data of 44 software industrial bases from 2008 to 2016, this paper examines the impacts of government subsidies on R&D investments of enterprises and external financing. Based on this, the moderating effect of intellectual property protection level on the above processes is further investigated. In the part of empirical analysis, four panel data regression models are constructed. The results demonstrate that, government subsidies can improve the external financing of software enterprises through authentication mechanism, but the impact on R&D investments of enterprises is not significant. Furthermore, the lower the level of intellectual property protection, the stronger the role of the government's authentication effect will be, so that enterprises can obtain more external financing. However, the level of intellectual property protection has no significant influence on the path of government subsidies influencing R&D investments of enterprises.
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