This paper examines how employee earnings respond to a one-time cash flow shock in the form of a government R&D grant. In a regression discontinuity design, we find that the grant immediately increases average annual employee-level earnings by 2.9%. This benefit accrues only to incumbent employees and rises with job tenure. The grant also affects firm growth, but the initial wage patterns do not appear to reflect growth or productivity. Instead, the evidence supports implicit equity financing within the firm, where employees initially accept lower wages from financially constrained firms and earn more when the firm has ability to pay.

中文翻译：

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现金意外之财会影响工资吗？来自对小企业的研发补助金的证据

本文研究了员工收入如何以政府研发补助金的形式应对一次性现金流冲击。在回归不连续性设计中，我们发现赠款立即将员工年平均收入提高了 2.9%。这种福利只对在职员工产生，并随着工作任期的增加而增加。赠款也影响企业增长，但最初的工资模式似乎并未反映增长或生产力。相反，证据支持公司内部的隐性股权融资，员工最初从财务受限的公司接受较低的工资，并在公司有支付能力时赚取更多。