Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher gov...Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher government R&D expenditures are more innovative than firms in other cities.Further,the positive effect of government R&D spending depends on fiscal instruments and factor allocation.Through subsidies and tax incentives,government R&D spending enhances firm innovation by alleviating financing constraints,improving employee creativity and ensuring efficient operations.We demonstrate that subsidies are more effective than taxes in spurring corporate technological innovation.We also show that the impact of government R&D spending is stronger for state-owned and high-tech enterprises than for other enterprises.Overall,our findings suggest that government R&D spending can substantially improve corporate technological innovation through fiscal instruments.展开更多
Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systema...Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.展开更多
基金the funding from the National Natural Science Foundation of China(No.71602022)the National Social Science Fund of China(No.18BG1062)the China Postdoctoral Science Foundation(No.2017T100098)
文摘Using panel data from 242 cities in China,we examine the impact of government research and development(R&D)spending on corporate technological innovation.We find that listed firms located in cities with higher government R&D expenditures are more innovative than firms in other cities.Further,the positive effect of government R&D spending depends on fiscal instruments and factor allocation.Through subsidies and tax incentives,government R&D spending enhances firm innovation by alleviating financing constraints,improving employee creativity and ensuring efficient operations.We demonstrate that subsidies are more effective than taxes in spurring corporate technological innovation.We also show that the impact of government R&D spending is stronger for state-owned and high-tech enterprises than for other enterprises.Overall,our findings suggest that government R&D spending can substantially improve corporate technological innovation through fiscal instruments.
文摘Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.
