Crowding‐in and crowding‐out effects of corporate philanthropy on R&D investment
Crowding‐in and crowding‐out effects of corporate philanthropy on R&D investment
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DOI：
10.1002/mde.3491
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发表时间：
2021-11
影响因子：
2.2
通讯作者：
Shuxia Zhang;Liping Xu;Ning Liu
中科院分区：
文献类型：
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作者：
Shuxia Zhang;Liping Xu;Ning Liu
本文以2007-2018年中国上市公司为样本，考察了企业慈善行为对研发投资的影响及其机制。研究结果表明，合作伙伴关系与R&D投资之间存在倒U型关系，合作伙伴关系对R&D投资先产生挤入效应，后产生挤出效应。进一步的机理分析表明，合作伙伴关系对R&D投资的挤入效应部分是通过获得政府补贴和缓解融资约束的路径实现的，而挤出效应部分是代理冲突和资源配置的结果。
Using a sample of Chinese‐listed firms over the period 2007–2018, this study investigates the effect of corporate philanthropy (CP) on research and development (R&D) investment and the mechanisms involved. The results show that an inverted U‐shaped relationship exists between CP and R&D investment, suggesting that CP first has a crowding‐in effect and then a crowding‐out effect on R&D investment. Further mechanism analysis shows that the crowding‐in effect of CP on R&D investment is partly realized through the path of obtaining government subsidies and mitigating financing constraints, and the crowding‐out effect is partly the result of agency conflicts and resource allocation.