Abstract: Government R&D subsidies on enterprises’ private R&D expenditure. R&D subsidies have stimulation effects and crowding-out effects, but there is no consistent answer. The research has utilized micro data of listed companies in China from 2010 to 2012 and applied PSM (Propensity Score Matching) method to analyze the effects of R&D subsidies. The results show that R&D subsidies in China are distributed to enterprises with higher autonomy in management, shorter listed age, and larger scale of employees and domestic property right and having R&D activities. The research discovered that R&D subsidies have significantly stimulated enterprises’ R&D expenditures in China. The recipients of subsides invest additional 21.43 million RMB on average than non-recipients.

摘要： 政府研发补贴存在着“激励”和“挤出”的双重效应，但并无一致性的结论。本研究采用中国上市公司2010-2012年数据，利用倾向分值匹配方法克服内生性，分析政府研发补贴对于企业创新的作用。研究发现，政府研发补贴主要流向经营自主权大、上市年限短、员工数目多、有研发活动的本土企业。中国政府的研发补贴对企业自主研发支出产生显著的激励作用，相比未补贴企业，获得政府研发补贴的企业平均多支出2143万元的自有研发资金。