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Under limited technological resources, optimising financing channel to R&D investment has important theoretical and practical implications. This paper analyzed the threshold effects of internal financing channels and external financing channels on the R&D investment using 692 manufacturing listed companies' data from 2008 to 2015. And five threshold factors including the debt level, profit level, operational capacity, company's size, and bank loan ratio were used to estimate the threshold effects of different financing channels. The results show that internal financing has a positive threshold effect on R&D investment when the debt level is lower than the threshold value; equity financing is negatively related to R&D investment; debt financing has a significant negative effect on the R&D investment under certain threshold levels; government subsidies promote the R&D investment extremely for the companies with certain size and scale effect. Besides, this paper proposed corresponding suggestions for different threshold values and financing channels. [ABSTRACT FROM AUTHOR]

This paper takes the China high- and new-technology enterprise (HNTE) program implemented in 2008 as a quasi-natural experiment. Difference-in-differences (DID) estimate with matching data from the China Industrial Enterprise Database, the China Customs Database and the HNTE Certification Database for 2006–2010 is used to study the impact of HNTE certification on enterprises' export product quality. The results show that, overall, HNTE certification promotes the upgrading of export product quality. Moreover, the improvement of innovation ability brought by HNTE certification is an important channel to promote such upgrades. A series of robustness tests also confirm the above conclusions. In addition, heterogeneity analyses are conducted based on the enterprise size, ownership and trade mode, respectively. The results show that the mechanism by which HNTE certification policy promotes export product quality through the improvement of enterprise innovation ability is more significant in non-SOEs and general trading enterprises. [ABSTRACT FROM AUTHOR]

The firm survival risk is essential to intellectual property strategy implementing in China, however only a few studies focus on this problem. The paper investigates the effect of intellectual property rights protection system (IPR) on survival risk. Specifically, we use an event history analysis to track 8486 firms entering the market from the year 2000, and employ computing methods of the time-dependent Cox model. One important finding from this study is that the survival risks of R&D firms can be reduced approximately 22.57% by every additional unit of intellectual property, and the marginal effect raises to 28.33% with the exclusion of the administrative factors. Another important finding is that the relationship between IPR protection and survival risk is affected by R&D revenue. Finally, the survival risk for all those firms with substantive innovation rather than strategic innovation can be greatly affected by IPR system. [ABSTRACT FROM AUTHOR]

This paper tries to disentangle between the influence of R&D subsidy and non-R&D subsidy, and explores the mechanism of different subsidies and their combination on R&D input and output of listed companies in China. It is found that both R&D subsidy and non-R&D subsidy can effectively motivate listed companies to increase R&D investment, and moderate non-R&D subsidy in subsidy combination can strengthen the 'incentive effect' of R&D subsidy on enterprise innovation. R&D subsidies can improve the innovation output of listed companies through direct and indirect 'double paths', but non-R&D subsidies have a certain 'masking effect' on the innovation output. Relevant government should control the non-R&D subsidy at the 'medium and low level' as far as possible to realise the 'strengthening effect' of moderate non-R&D subsidy on R&D subsidy in promoting enterprise innovation. The control of subsidy classification should be strengthened to avoid the adverse effects caused by non-R&D subsidies being 'diverted for other purposes'. [ABSTRACT FROM AUTHOR]