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Research on the Impact of Financial Investment on Enterprise R&D Innovation——Empirical Evidence from China's Growth Enterprise Market

Cong Li, Zhiming Liu, Ying Ma, Lulu Zhang


This article uses the 2012-2017 GEM listed companies as a sample, and uses a multiple linear regression model to group regressions of companies with different technical levels and different organizational forms, and discusses the adjustment effect of corporate technology level and organizational form on financial subsidies and R&D investment. The empirical test shows that financial subsidies have a significant role in promoting R&D expenditure of enterprises, and their role in stimulating R&D expenditure of non-high-tech enterprises is more obvious than high-tech enterprises, and the role of promoting R&D expenditure of non-state-owned enterprises is higher than state-owned enterprises.


Financial Subsidies; R&D Expenditure; GEM

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DOI: http://dx.doi.org/10.18686/fm.v6i2.3392