| R&D,the basic sources of enterprises creation,gradually became hotspot among researchers.But because of the information asymmetry causes by R&D,it would be considerable difficult for corporations to outside finance.Although China is in the possession from Planed Economics to Market Economics,the affection by national Industrial Policy can not be ignored,as well as the effect of which to R&D of firms.Consequently this paper will focus on the transmission mechanism of Industrial Policy effects on companies R&D investment,combined with different kinds of owned companied.Using the data from 2006 to 2015 which is the period of time that Chinese"Eleventh Five-year plan" and "Twelfth Five-year plan",this paper researches on how Industrial Policy effects enterprises R&D investments.This paper find the result of state-owned corporations will be remarkably motivated by Industrial Policy.Meanwhile using DID method to confirm the conclusions with overcoming bias.This paper shows Industrial Policy will significantly increase private enterprises throughout stock financing,because of its low risk;low cost and enormous amount.However,stated-owned without financing constraints will not be stimulated by external financing increase.Additionally Industrial Policy will motivate state-owned enterprises to remarkably invest more R&D by government subsides.In terms of stated owners,state-owned will have advantage of more subsides from government to support R&D investing.As the result of it,the MC of R&D will be decreased and according to signal from government,social capital will supply to lower the cost and risk of R&D in state-owned enterprises.However,liability and tax credit cannot be suitable way to transmits effect from Industrial Policy to enterprises.Further research indicates Industrial Policy will decrease the creation efficiency of state-owned enterprises provided by pattern amount. |
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