Do Government R&D Subsidies Affect Enterprises’ Access to External Financing?

Wei LUO, Hong LI


This paper investigates data of listed companies of Shenzhen Stock Exchange in 2011-2013, and the result shows that listed companies received government R&D subsidies can get more external financing and the positive impact of the certification effect generated by receiving an R&D subsidy is stronger for equity financing than for debt financing. Furthermore, the effect is more significant in high-tech enterprises.


Government R&D subsidies; External financing; Financial constraints

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