Research on the Effect of Public R&D Subsidies on R&D Investment Expenditure of Technological Innovation Enterprises

As the product attribute of R&D investment, enterprises are lack of the enthusiasm of R&D investment. Public R&D subsidies may reduce the cost of R&D investment, and promote R&D investment of enterprises. However public R&D also has the extrusive effect to the R&D investment of enterprises. This paper presents evidence on the effects of public R&D subsidies on the R&D investment of technological innovation enterprises. The results show that public R&D subsidies can stimulate the R&D investment of enterprises. There also exist different effects of public R&D subsidies between different scales, proportion of state-owned shares and managerial ownership of enterprises.