Affiliation:
1. School of Public Policy and Administration Nanchang university Nanchang Jiangxi China
2. GongQing Institute Of Science and Technology Gongqing Jiangxi China
Abstract
AbstractThis paper builds a difference‐in‐difference model (DID) to study the impact of government risk sharing policies on corporate innovation investment. High‐tech firms are used as the experimental group to test the effect of policy shocks. It is shown that government risk sharing may ease financing constrains, which will increase corporate innovation investment. The results suggest that the effect of government risk‐sharing policies on bank credit is short‐run, while the effect on corporate innovation investment is more sustainable. In addition, the government risk‐sharing ratio is inversely proportional to the loan rates and the success rate of innovation.
Funder
National Social Science Fund of China
Subject
Management of Technology and Innovation,Management Science and Operations Research,Strategy and Management,Business and International Management
Cited by
6 articles.
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