How Does COVID-19 Affect Corporate Research and Development? Evidence from China

被引：1

作者：

Zhuang, Qinqin ^{[1
]}

Luo, Weijie ^{[2
]}

Li, Yupeng ^{[3
,4
]}

机构：

[1] Chinese Acad Social Sci, Inst Quantitat & Tech Econ, Beijing, Peoples R China

[2] Beijing Int Studies Univ, Sch Econ, Beijing 100024, Peoples R China

[3] Cent Univ Finance & Econ, Sch Int Trade & Econ, Beijing, Peoples R China

[4] Cornell Univ, Charles H Dyson Sch Appl Econ & Management, Ithaca, NY USA

来源：

EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 09期

基金：

中国国家自然科学基金;

关键词：

COVID-19; research and development; revenue; financing constraint; FIRM INNOVATION;

D O I：

10.1080/1540496X.2023.2199115

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines how COVID-19 affects firm research and development (R&D) using the data of Chinese-listed companies from 2018 to 2020. Our results show that COVID-19 significantly inhibits firm R&D input. However, such significant evidence mainly exists on firms classified as private enterprises, with smaller size, or belonging to high-technology industries. Moreover, we find evidence that the epidemic reduces firm revenue but, in the meantime, increases the financing constraint, leading to less R&D investment. The conclusion of this study provides a theoretical basis and practical reference for enterprises to make better decisions on innovative activities.

引用

页码：3011 / 3023

页数：13

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