挤出效应
投资(军事)
补贴
经济
货币经济学
拥挤
政府(语言学)
微观经济学
市场经济
政治
政治学
生物
语言学
哲学
神经科学
法学
作者
Shuxia Zhang,Liping Xu,Ning Liu
摘要
Using a sample of Chinese‐listed firms over the period 2007–2018, this study investigates the effect of corporate philanthropy (CP) on research and development (R&D) investment and the mechanisms involved. The results show that an inverted U‐shaped relationship exists between CP and R&D investment, suggesting that CP first has a crowding‐in effect and then a crowding‐out effect on R&D investment. Further mechanism analysis shows that the crowding‐in effect of CP on R&D investment is partly realized through the path of obtaining government subsidies and mitigating financing constraints, and the crowding‐out effect is partly the result of agency conflicts and resource allocation.
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