The impact of R&D subsidies and non-R&D subsidies on R&D investment of enterprises

This paper takes listed enterprises in 2007-2018 as the research sample and divides government subsidies into R&D subsidies and non-R&D subsidies. It empirically investigates the relationship between R&D subsidies, non-R&D subsidies and R&D investment of listed enterprises, and further explores the moderating effect of enterprise size and ownership nature and got the following conclusions:(1) R&D subsidies have an inverted U-shaped impact on the R&D investment of enterprises, while non-R&D subsidies have a positive impact on the R&D investment of enterprises.(2) Under different ownership, R&D subsidies and non-R&D subsidies have different effects on R&D investment. Compared with state-owned enterprises, non-R&D subsidies have a stronger incentive effect on the R&D investment of non-state-owned enterprises. (3) There is a significant negative correlation between enterprise's size and R&D investment intensity. The expansion of enterprise's size has a crowding out effect on R&D investment.