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| Public Subsidies and Private R&D Investment from the Perspective of Policy Objectives and Policy Instruments |
| Su Zifeng1,2,Zhang Xiao3 |
| (1.China Development Bank Research Institute,Beijing 100084,China;2.School of Economics,Peking University,Beijing 100084,China;3.School of Public Policy & Management,Tsinghua University,Beijing 100191,China) |
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Abstract The development of military-civilian integration enterprises is highly dependent on the institutional environment,and government support and guidance play an essential role in corporate R&D.Policy objectives are benchmarks for the effectiveness of policy tools and lead to different effect for policy instruments.This study uses the 2008-2016 non-balanced panel data of 213 military-civilian integration listed companies in CSMAR database to conduct theoretical analysis and empirical test on the impact of industrial support and scientific and technological innovation government innovation subsidy policies on enterprise R&D decisions.The results show that the industrial support subsidies have a significant role in promoting the R&D investment of state-owned enterprises.The technical innovation subsidies have a considerable incentive for both state-owned and non-state-owned military enterprises R&D activities,and non-state-owned enterprises have more significantly impacted.
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Received: 26 February 2020
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