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
Land is a production factor that supports industrial development and also an important resource for increasing local government revenue.The scientific allocation of land has a positive effect on applying a new develop...Land is a production factor that supports industrial development and also an important resource for increasing local government revenue.The scientific allocation of land has a positive effect on applying a new development philosophy.Based on the data of China's micro land transaction,this paper constructs the industrial dispersion indicator of land transfer to discuss about how short-term fiscal pressure affects allocation of land resources among industries and then analyzes its impacts on agglomeration effects.The results show that the greater the short-term fiscal pressure,the higher the dispersion of land transfer among industries,which holds true after going through a series of robustness tests.Further analyses show that the dispersion of land transfer among industries deteriorates the policy orientation of giving priority to key industries.Finally,the practice of dispersion of land transfer among industries weakens agglomeration economies.The research results of this paper show that local governments'strategy of land transfer among induestries for coping with short-term fiscal pressure has the characteristics of"increasing fiscal revenues and weakening the role of industrial guidance."This means that in the new stage of development,local governments urgently need to enhance their understanding of the multiple functions of land and avoid impairing industrial development for addressing the shortterm fiscal pressure.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.
基金"Policy Evaluation and Path Optimization for Greening of the Taxation System:Based on the Study on Automobile Tax Policy Changes"(72173115),a general project of the National Natural Science Foundation of China。
文摘Land is a production factor that supports industrial development and also an important resource for increasing local government revenue.The scientific allocation of land has a positive effect on applying a new development philosophy.Based on the data of China's micro land transaction,this paper constructs the industrial dispersion indicator of land transfer to discuss about how short-term fiscal pressure affects allocation of land resources among industries and then analyzes its impacts on agglomeration effects.The results show that the greater the short-term fiscal pressure,the higher the dispersion of land transfer among industries,which holds true after going through a series of robustness tests.Further analyses show that the dispersion of land transfer among industries deteriorates the policy orientation of giving priority to key industries.Finally,the practice of dispersion of land transfer among industries weakens agglomeration economies.The research results of this paper show that local governments'strategy of land transfer among induestries for coping with short-term fiscal pressure has the characteristics of"increasing fiscal revenues and weakening the role of industrial guidance."This means that in the new stage of development,local governments urgently need to enhance their understanding of the multiple functions of land and avoid impairing industrial development for addressing the shortterm fiscal pressure.
