The Innovation Incentive Effect of Fiscal Research and Development Subsidies:Evidence from Chinese large-scale seed enterprises
The fiscal research and development(R&D)subsidy policy,as a policy tool to stimulate technological innovation in enterprises,plays a crucial role in enhancing the technological innovation capabilities of seed enterprises in China.This study,based on a survey data of2074 large-scale seed enterprises in China from 2014 to 2021,empirically examines the impact of fiscal R&D subsidies on R&D investment of Chinese large-scale seed enterprises and its underlying mechanisms.The findings indicate that,firstly,fiscal R&D subsidies significantly increase the amount and intensity of R&D investment of large-scale seed enterprises.The robustness tests using multiple econometric methods support this conclusion.Secondly,fiscal R&D subsidies primarily alleviate the financing constraints for enterprises to promote large-scale seed enterprises to increase their R&D investment.Thirdly,fiscal R&D subsidies have a significant positive impact on the R&D investment of private enterprises and non-integrated breeding and promotion enterprises,while the impact on state-owned enterprises and integrated breeding and promotion enterprises is not significant.Therefore,the findings of this study suggest that continuing to increase fiscal R&D subsidies for large-scale seed enterprises in China will help improve their R&D innovation capabilities.However,attention should be paid to the heterogeneity of the impact of fiscal R&D subsidies on enterprises,and more targeted policies are needed to better promote technological innovation in the Chinese seed industry and facilitate industrial upgrading.
Seed EnterprisesFiscal Research and Development SubsidiesResearch and Development InvestmentFinancing Constraints
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