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Abstract We extend the empirical framework by Peters et al. (2017) to include both RD (2) On average an invention (a utility model) patent causes around 0.76 (0.66) percent increase in… Click to show full abstract
Abstract We extend the empirical framework by Peters et al. (2017) to include both RD (2) On average an invention (a utility model) patent causes around 0.76 (0.66) percent increase in the firm value; (3) The start-up costs of R&D are around ten times as large as the maintenance R&D costs. The counterfactual analysis shows that the lump-sum subsidy is more effective than the proportional subsidy in increasing the expected firm value and innovation probability. R&D continuers respond more actively than the R&D starters to the R&D subsidy.
Journal Title: European Economic Review
Year Published: 2020
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