Do R&D Subsidies Affect SMEs' Access to External Financing?
Do R&D Subsidies Affect SMEs' Access to External Financing?
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DOI：
10.2139/ssrn.1099346
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发表时间：
2012-04
期刊：
影响因子：
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通讯作者：
M. Meuleman;Wouter De Maeseneire
中科院分区：
文献类型：
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作者：
M. Meuleman;Wouter De Maeseneire
许多国家将大量公共资金用于研发赠款，以缓解小公司创新项目的债务和股本缺口。在颁发这种奖项时，有见识的政府官员可能会向私人金融家证明公司。使用一个独特的比利时数据集的1107批准的请求和一个控制组的拒绝请求的特定类型的R&D赠款，我们研究的影响，小企业获得外部股权，短期和长期债务融资的补贴。我们发现，获得研发补贴提供了一个积极的信号，中小企业的质量和结果，更好地获得长期债务。
Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. Using a unique Belgian dataset of 1107 approved requests and a control group of denied requests for a specific type of R&D grant, we examine the impact of subsidies on small firms’ access to external equity, short term and long term debt financing. We find that obtaining an R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.