Uncertainty and corporate R&D investment: Evidence from Chinese listed firms

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• 作者：Yizhong Wang^a ; ^{wangyizhong315@163.com} ; Yueling Wei^b ; Frank M. Song^c
• 关键词：G30 ; D81 ; E22 ; E60 ; G18
• 刊名：International Review of Economics & Finance
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：47
• 期：Complete
• 页码：176-200
• 全文大小：298 K
• 卷排序：47

文摘

Using data from Chinese listed firms, this paper studies the effects of policy and market uncertainties on corporate R&D investment. The empirical findings indicate that both policy and market uncertainties can negatively affect corporate R&D investment. Policy uncertainty poses a significant impact on R&D investment for politically connected firms, but has no impact on firms without political connections. Market uncertainty only has a clear impact on non-politically connected firms. The negative influence of uncertainty is more obvious for firms receiving fewer government subsidies.