Self-selection and performance of R&D input of heterogeneous firms: Evidence from China's manufacturing industries |
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| Institution: | 1. The School of Economics and Trade, Hunan University, Shijiachong, Changsha, Hunan 410079, China;2. The School of Economics and Management, Changsha University of Science & Technology, Shijiachong, Changsha, Hunan 410079, China;1. University of Western Australia, 35 Stirling Highway, Crawley, WA 6009, Australia;2. Stanford University, 520 Galvez Mall, CERAS Building, 5th Floor, Stanford, CA 94305-3084, USA;3. Central University of Finance and Economics, 39 Xueyuan South Road, Haidian District, Beijing 100081, China;1. Department of Marketing and Logistics Management, Chihlee University of Technology, Taiwan;2. Statistical Office, Ministry of the Transportation and Communications, Taiwan;3. Department of Applied Economics, National Chiayi University, Taiwan;1. The College of Economics and Trade, Hunan University, North Campus, Shi Jia Chong, Changsha, Hunan 410079, PR China;2. Center for Economics, Finance and Management Studies, Hunan University, North Campus, Shi Jia Chong, Changsha, Hunan, 410079, PR China;3. Southern Illinois University Carbondale, 1000 Faner Drive, Carbondale, IL62901, United States |
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| Abstract: | Applying the theories of heterogeneous firms and the propensity score matching difference-in-differences (PSM-DID) method to a rich dataset of Chinese manufacturing firms, this paper examines the self-selection of firm-level R&D input and estimates the net effect of R&D on productivity. The analysis shows that (1) for Chinese manufacturing firms as a whole, R&D input is influenced by firm productivity: more productive firms are more likely to invest in R&D; (2) controlling for the self-selection effect, the net output elasticities of R&D input in one year and two years after R&D input are 3.92% and 5.25%, respectively; (3) although state-owned enterprises (SOEs) are more likely than all other ownership groups to invest in R&D, the R&D input is not productive; (4) although enterprises owned by investors outside of Mainland China are the least likely to invest in R&D, the output elasticity of R&D is more significant and larger in this group than in SOEs and privately owned Chinese firms; and (5) surprisingly, the net effect of R&D is not significant in high-tech industries. Policy implications are derived from the findings. |
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