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Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China

Hanqi Ye et al · MMU Press · 2025

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Author / responsible party
Hanqi Ye et al
Publisher
MMU Press
Year
2025
ISSN
2735-1009
ISSN
2735-1009
Language
English

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Over the past decade, the Chinese government has actively promoting research and development (R&D) in high-tech industries to foster scientific and technological innovation and address economic slowdown. Against this backdrop, this study explores how the interaction between government R&D subsidies and R&D investment influences the performance of high-tech firms in China. Specifically, it investigates (i) the relationship between government R&D subsidies and firm performance, (ii) the relationship between government R&D subsidies and R&D investment, and (iii) the mediating role of R&D investment in the relationship between government R&D subsidies and firm performance. Analysing 773 listed high-tech firms from 2018 to 2021, this study finds that direct government R&D subsidies and tax incentives do not significantly influence firm performance. However, direct subsidies indirectly reduce firm performance by stimulating R&D investments that are resource-intensive and risky in nature. This mediating effect is not observed in the case of tax incentives. The findings provide insights into enhancing the effectiveness of R&D subsidies in promoting R&D investment and firm performance in high-tech industries.

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APA 7

al, H. Y. E. (2025). Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China. https://doi.org/10.33093/ijomfa.2025.6.2.2

MLA

al, Hanqi Ye et. "Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China." 2025. https://doi.org/10.33093/ijomfa.2025.6.2.2.

Chicago

al, Hanqi Ye et. 2025. "Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China.". https://doi.org/10.33093/ijomfa.2025.6.2.2.

Harvard

al, H. Y. E. 2025, Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China, MMU Press, available at: https://doi.org/10.33093/ijomfa.2025.6.2.2 [Accessed 8 Aug. 2026].

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Resource details

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Title
Effects of Research and Development Subsidies on Research and Development Investment and Firm Performance: Evidence From High-Tech Firms in China
Author / contributors
Hanqi Ye et al
Publisher
MMU Press
Publication year
2025
ISSN
2735-1009
ISSN
2735-1009
Language
English

Subjects

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Research and Development; Subsidy; Tax incentive; Firm performance
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