The Effect of Government Subsidies on Firm R&D Investment in China: From Perspectives of Ownership and Market Power

Table 3

Regression results of market power, enterprise ownership, and R&D subsidy effect.

	(1)	(2)	(3)	(4)
GOV	0.295	0.296	0.295	0.187
	(0.061)	(0.081)	(0.082)	(0.112)
SOE	0.001	0.001	0.001	0.001
	(0.002)	(0.002)	(0.002)	(0.002)
GOV#SOE		−0.003	−0.004	0.011
		(0.115)	(0.115)	(0.123)
MS			−0.011	−0.010
			(0.004)	(0.005)
MC			−0.002	−0.008
			(0.004)	(0.005)
GOV#MS				−0.135
				(0.284)
GOV#MC				0.395
				(0.242)
Age	−0.001	−0.001	−0.001	−0.001
	(0.000)	(0.000)	(0.000)	(0.000)
Size	−0.002	−0.002	−0.003	−0.003
	(0.001)	(0.001)	(0.001)	(0.001)
Profit	0.010	0.010	0.010	0.009
	(0.004)	(0.004)	(0.005)	(0.005)
Debt	−0.086	−0.086	−0.089	−0.086
	(0.028)	(0.028)	(0.028)	(0.027)
_cons	0.019	0.019	0.028	0.030
	(0.008)	(0.007)	(0.008)	(0.008)
N	5697	5697	5697	5697
R^2	0.104	0.104	0.108	0.114
Wald chi2	859.99	862.60	883.39	886.69
Hausman test	139.91	172.33	174.64	180.91

Standard errors in parentheses; industry, location, and year are controlled in all models. p < 0.15, p < 0.1, p < 0.05.