IS FINANCIAL SUPPORT FOR PRIVATE R&D ALWAYS JUSTIFIED? A DISCUSSION BASED ON THE LITERATURE ON GROWTH

Many economists have long held that market failures create a gap between social and private returns to research and development (R&D), thereby limiting private incentives to invest in R&D. However, this common belief that firms significantly underinvest in R&D is increasingly being challenged, leading the rationale behind public support for private R&D to be questioned. In this paper, we attempt to clarify the perspectives of two sources: the theoretical literature on endogenous growth, and its recent developments in integrating a geographical dimension, and the empirical literature that measures the social returns to R&D in relation to the private returns. Ultimately, we are able to clearly distinguish among different types of market failures and compare their relative impact on the gap between the private and social returns to R&D. Two main conclusions are reached. First, systematic firm underinvestment in R&D is not demonstrated. Second, even though instances of underinvestment do occur, they are mainly explained by surplus appropriability problems rather than by knowledge externalities. This suggests the need for a new policy mix that employs more demand‐oriented instruments and is more concentrated on identifying efficient allocations among activities rather than merely increasing global private R&D investment.     

中国研发资本测算及其经济增长贡献

本文在国民账户体系（SNA,2008）框架下对中国1952—2014年研发（R&D）资本进行科学测算,在此基础上测度了研发对经济增长的贡献,并利用扩展的索洛模型及隐性变量法进一步分析了考虑研发资本投入的真实全要素生产率水平。研究表明：（1）1952年以来,中国当期新增R&D资产绝对额及相对额均呈快速增长趋势,但与美国相比,水平仍较低;（2）R&D资本投入有效促进了经济增长,其对经济增长贡献达21.95%;（3）过去中国的R&D资本中硬技术比重较高,规则、标准方面的软技术含量相对较低,即技术进步更多地为体现型技术进步;（4）考虑R&D资本投入后的真实全要素生产率水平总体呈先上升后下降的趋势,其经济增长贡献也呈相同趋势,且在近年来对经济增长产生了负向影响。     

CHILD LABOUR: A REVIEW OF RECENT THEORY AND EVIDENCE WITH POLICY IMPLICATIONS

In recent years, a growing number of authors have turned their attention to the question of why children work. The purpose of this paper is to review some of the more recent theoretical and empirical research into the topic of child labour, and to illustrate the fact that no one factor on its own can account for the phenomenon of child labour. Therefore, policies aimed at eradicating child labour will need to address the broad range of underlying factors that contribute to the incidence of child labour, such as poverty, market imperfections and access to education.     

定向增发公告效应在股市中的异化现象——关于中国证券市场的实证研究

本文以中国证券市场2006～2008年成功进行定向增发的上市公司为样本,研究了定向增发公告效应在牛市、熊市中的异化现象。研究发现在牛市周期中仅仅公告日当天存在显著的正公告效应,公告日前后都不存在显著的正公告效应;但是在熊市周期中不仅公告日当天存在显著正公告效应,而且从公告日前两天开始一直到公告日后10天都存在显著正公告效应。在不同市场态势下,公告效应与折扣的关系也不相同:在熊市周期中,随着定向增发折扣的增加,公告效应相应减弱,而在牛市周期中公告效应增强。最后,论文给出了基于投资者情绪的理论解释以及相应的启示。     

企业性质、多元化内部市场与并购绩效

本文以2003年至2007年所有A股上市公司的并购事件为样本,实证分析了我国不同类型企业多元化并购的市场反应。结果发现:我国民营企业多元化并购存在溢价现象,市场反应显著优于相关并购(累计超额收益率高出2.4);我国国有企业(地方国企和中央国企)多元化并购不存在溢价现象,市场反应与相关并购没有显著差异;我国民营企业相对于国有企业更易实施多元化并购。这些研究结果支持多元化的内部市场理论。     

要素市场扭曲、区域差异与R&D投入

本文利用要素市场扭曲指数及中国高技术产业1997～2009年省际面板数据,考察了要素市场扭曲对R&D投入的影响及区域差异。结果表明,要素市场扭曲对R&D资本投入和R&D人力投入有着不同的影响,抑制了R&D资本投入增长,促进了R&D人力投入;而且其对两者的影响都存在着显著的区域差异。在此基础上,运用门槛检验方法对这种区域差异的影响因素进行了探讨,研究发现,在区域经济发展水平、人力资本水平、财政收入、产权结构和对外开放程度等因素的不同门槛值区间,要素市场扭曲对高技术产业R&D投入的影响程度和方向都存在着明显的差异。     

On the optimal mix of patent instruments

A special characteristic of the patent system is that it features multiple patent-policy levers that can be employed by policymakers. In this note, we develop an R&D-based growth model to analyze the optimal mix of patent instruments by considering patent breadth and the division of profit in research joint ventures. Our results are as follows. First, we analytically derive the optimal mix of patent breadth and the profit-division rule. Then, we calibrate the model to quantitatively evaluate the welfare gain from optimizing both patent instruments versus optimizing only patent breadth. We find that the welfare gain can be quantitatively significant.     

董事会断裂带与研发持续性——基于研发支出粘性的实证研究

研发投资是企业的重大决策之一,董事会结构对研发决策过程和结果有重要影响。以2007—2019年A股上市公司为样本,采用研发支出粘性刻画研发持续性,从董事会断裂带这一结构特征探索影响企业研发持续性的组织因素。研究发现,董事会断裂带的存在降低了企业研发投入的持续性,即提高董事会团队的同质性有助于提升研发投入持续性。机制检验表明,董事会断裂带通过影响董事会的监督效能、目标决策导向与风险偏好三条路径影响研发持续性。异质性分析发现,董事会断裂带的深层特征会加剧其对研发持续性的抑制作用,而企业购买董事高管责任险能够缓解董事会断裂带对研发持续性的负向影响。区分研发支出变动类型后发现,董事会断裂带主要抑制“升多-降少”型研发支出粘性。研究结论为董事会结构的决策效应研究提供了新的证据,拓展了研发支出粘性影响因素的相关研究,也为我国企业加强董事会建设以提升研发连续性提供了理论指导与政策启示。     

A note on the closed-form solution to the Lucas–Uzawa model with externality

Ruiz-Tamarit [2008. The closed-form solution for a family of four-dimension nonlinear MHDS. Journal of Economic Dynamics and Control 32, 1000–1014] provides a closed-form solution to the two-sector model of endogenous growth with externalities. He assumes that the coefficient of the relative risk aversion is equal to the physical capital share, but this assumption is empirically and theoretically implausible. This note uses the result of Boucekkine and Ruiz-Tamarit [2008. Special functions for the study of economic dynamics: the case of the Lucas–Uzawa model. Journal of Mathematical Economics 44, 33–54] and derives a closed-form solution without setting the parametric assumption. The solution path is expressed in terms of the Gauss hypergeometric functions.     

跨国公司在华研发投资的对策

近年来，跨国公司根据其全球战略的需要，纷纷加大在中国的研发投资力度。这些研发机构提高了我国的整体技术水平，总体上对中国的经济产生了积极的影响。我国应通过采取改善研发环境的宏观对策以及企业提高自主研发能力的对策来吸引和利用跨国公司在华研发投资。     

Feasibility and optimality of sustainable growth under materials balance

Pollution from consumption and production is an inevitable part of economic processes. We employ a materials balance approach and develop an endogenous growth theory, with recycling activity, to examine the evolution of the economic and environment systems. This paper provides feasibility and optimality conditions for sustainable economic growth with rising environmental quality. The fundamental condition of feasibility is that the flow of natural resources, which eventually returns to the environment as waste and pollution, has a negative growth rate in the long run.     

Estimating Regional Variations of R&D Effects on Productivity Growth by Entropy Econometrics

Abstract

In this paper we adopt an entropy econometrics-based estimator to study regional variations in regression coefficients and apply it to analyse productivity growths generated by R&D activities at a regional level. Considering the possible effects of the region's own R&D stock as well as the spillovers produced in other regions, the paper proposes the use of an entropy-based technique to estimate these effects for a specific location. Depending on the degree of heterogeneity of the set of regions analysed, it is possible that some of these regions present characteristics that enable them to more easily convert R&D efforts (generated in the region itself or obtained from other regions by R&D spillovers) into productivity gains, whereas in other regions the effect of (direct or spillover generated) R&D activities may be irrelevant. We illustrate this idea with an empirical application for Spanish regions.

RÉSUMÉ Dans la présente communication, nous adoptons un estimateur d'entropie à base économétrique pour l’étude de variations régionales des coefficients de régression et leur application pour l'analyse de d'augmentations de la productivité produites par des activités de recherche et développement à l’échelon régional. En se penchant sur les effets possibles du stock de recherches et développement propre à la région, ainsi que les retombées produites dans d'autres régions, la communication propose l'emploi d'une technique à base d'entropie pour effectuer une évaluation de ces effets pour un lieu spécifique. En fonction du degré d'hétérogénéité du groupe de régions analysé, il est possible que ces régions présentent des caractéristiques leur permettant de convertir plus facilement des interventions de recherche et développement (R&D) (générées dans cette même région, ou obtenues d'autres régions par retombées de R&D) en gains de productivité, alors que dans d'autres régions, l'effet (direct ou par retombée) d'activités de R&D pourra n'avoir aucune pertinence. Nous illustrons cette idée avec une application empirique pour des régions d'Espagne.

EXTRACTO En este estudio adoptamos un estimador basado en máxima entropía para estudiar las variaciones regionales en coeficientes de regresión, y lo aplicamos al análisis de los crecimientos de productividad generados por actividades de I+D a nivel regional. Considerando los posibles efectos del stock de I+D propio de la región, así como los spillovers producidos en otras regiones, el estudio propone el uso de una técnica basada en entropía para estimar estos efectos en relación con una ubicación específica. Dependiendo del grado de heterogeneidad del conjunto de regiones analizadas, es posible que algunas de estas regiones presenten características que les permitan convertir más fácilmente los esfuerzos de I+D (generados en la región misma u obtenidos de otras regiones a través de spillovers de I+D) en ganancias de productividad, mientras que en otras regiones el efecto de las actividades de I+D (directas o generadas de spillovers) podrían ser irrelevantes. Ilustramos esta idea con una aplicación empírica para regiones españolas.

摘要:

本文中, 我们采用基于熵计量经济学的估计器研究回归系数的区域变化, 并用它分析地域级R&D活动带来的生产率增长。考虑到区域自身R&D储备和其他区域的人才流入可能带来影响, 本文提出一种熵方法估计这些因素对某个特定区域的影响。根据所分析区域集的异质程度, 其中有些区域可能会表现出一些特征, 使其更容易将R&D能力 (该区域自己产生或者从其他区域流入)转化为生产收益, 而另外一些区域R&D活动的影响 (直接或者流入)与生产收益无关。我们以对西班牙地区的实验应用为例证明了这一论点。     

创业板上市公司经济绩效及影响因素

研究目标：探讨创业板上市公司经济绩效的影响因素。研究方法：基于2012~2014年创业板上市公司的面板数据,运用贝叶斯模型平均法进行实证分析。研究发现：当期及滞后一期R&D强度对经济绩效存在显著负向影响,而R&D交互作用对经济绩效具有显著正向影响;经营现金流状况、总资产周转率对经济绩效具有显著正向影响;当期广告强度只对权益报酬率具有较显著正向影响。研究创新：第一,选择商品经营、资产经营与资本经营等三个方面的经济绩效指标,分别从R&D创新、广告营销、营运管理等方面探讨经济绩效的影响因素,拓展了研究视角;第二,运用贝叶斯模型平均法研究经济绩效的影响因素,估计结果更加稳健可信,具有方法的新颖性和有效性。研究价值：本文结论对改善创业板公司的创新和经营策略具有较强的现实意义。     

Environmental regulations in private and mixed duopolies: Taxes on emissions versus green R&D subsidies

In this article, we compare two kinds of environmental regulations—emissions taxes and green R&D subsidies—in private and mixed-duopoly markets in the presence of R&D spillovers. We show that a green R&D subsidy is better (worse) than an emissions tax when the green R&D is efficient (inefficient), irrespective of R&D spillovers, whereas the existence of a publicly owned firm encourages the government to adopt a subsidy policy. We also show that the optimal policy choice depends on R&D efficiency and spillovers. In particular, when green R&D is inefficient and the spillover rate is low (high), the government should choose an emissions tax and (not) privatize the state-owned firm. When green R&D is efficient, however, an R&D subsidy is better, but a privatization policy is not desirable for society, irrespective of spillovers.