Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China

Increasing research and development (R&D) investment is the key to the sustainable development of the manufacturing industry. With the development of financialization, manufacturing enterprises allocate greater funds to the financial field, which may significantly affect their level of R&D i...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Peng Hou, Mengting Zhou, Jiaqi Xu, Yue Liu
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	financialization R&D investment government subsidies manufacturing enterprises Heckman’s two-step approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/434123218ce64466ad788e03fd36bfae
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:434123218ce64466ad788e03fd36bfae
record_format	dspace
spelling	oai:doaj.org-article:434123218ce64466ad788e03fd36bfae2021-11-25T19:02:48ZFinancialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China10.3390/su1322126332071-1050https://doaj.org/article/434123218ce64466ad788e03fd36bfae2021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12633https://doaj.org/toc/2071-1050Increasing research and development (R&D) investment is the key to the sustainable development of the manufacturing industry. With the development of financialization, manufacturing enterprises allocate greater funds to the financial field, which may significantly affect their level of R&D investment. However, few studies have explored the relationship between the two. Using the data of manufacturing listed companies in China from 2007 to 2018, this paper investigates the impact of financialization on manufacturing R&D investment and further analyzes the moderating effect of government subsidies on the relationship between the two, mainly using Heckman’s two-step approach. The results show that, on the whole, financialization has a significant restraining effect on China’s manufacturing R&D investment, and that government subsidies exacerbate this negative effect. However, there are some differences in the statistical significance and in the level of influence of financialization on R&D investment, which are based on enterprise type, industry, region, and financing constraints. Additionally, the moderating effects of government subsidies under heterogeneous samples differ in sign, statistical significance, and impact magnitude. This paper not only conducts a comprehensive study on the impact of financialization on manufacturing R&D investment but also introduces government subsidies as the moderating variable into the analysis, which is conducive to a better understanding of the relationship between corporate financialization and manufacturing R&D investment in China.Peng HouMengting ZhouJiaqi XuYue LiuMDPI AGarticlefinancializationR&D investmentgovernment subsidiesmanufacturing enterprisesHeckman’s two-step approachEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12633, p 12633 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financialization R&D investment government subsidies manufacturing enterprises Heckman’s two-step approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	financialization R&D investment government subsidies manufacturing enterprises Heckman’s two-step approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Peng Hou Mengting Zhou Jiaqi Xu Yue Liu Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
description	Increasing research and development (R&D) investment is the key to the sustainable development of the manufacturing industry. With the development of financialization, manufacturing enterprises allocate greater funds to the financial field, which may significantly affect their level of R&D investment. However, few studies have explored the relationship between the two. Using the data of manufacturing listed companies in China from 2007 to 2018, this paper investigates the impact of financialization on manufacturing R&D investment and further analyzes the moderating effect of government subsidies on the relationship between the two, mainly using Heckman’s two-step approach. The results show that, on the whole, financialization has a significant restraining effect on China’s manufacturing R&D investment, and that government subsidies exacerbate this negative effect. However, there are some differences in the statistical significance and in the level of influence of financialization on R&D investment, which are based on enterprise type, industry, region, and financing constraints. Additionally, the moderating effects of government subsidies under heterogeneous samples differ in sign, statistical significance, and impact magnitude. This paper not only conducts a comprehensive study on the impact of financialization on manufacturing R&D investment but also introduces government subsidies as the moderating variable into the analysis, which is conducive to a better understanding of the relationship between corporate financialization and manufacturing R&D investment in China.
format	article
author	Peng Hou Mengting Zhou Jiaqi Xu Yue Liu
author_facet	Peng Hou Mengting Zhou Jiaqi Xu Yue Liu
author_sort	Peng Hou
title	Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
title_short	Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
title_full	Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
title_fullStr	Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
title_full_unstemmed	Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China
title_sort	financialization, government subsidies, and manufacturing r&d investment: evidence from listed companies in china
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/434123218ce64466ad788e03fd36bfae
work_keys_str_mv	AT penghou financializationgovernmentsubsidiesandmanufacturingrdinvestmentevidencefromlistedcompaniesinchina AT mengtingzhou financializationgovernmentsubsidiesandmanufacturingrdinvestmentevidencefromlistedcompaniesinchina AT jiaqixu financializationgovernmentsubsidiesandmanufacturingrdinvestmentevidencefromlistedcompaniesinchina AT yueliu financializationgovernmentsubsidiesandmanufacturingrdinvestmentevidencefromlistedcompaniesinchina
_version_	1718410336829177856

Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China

Ejemplares similares