R&D Returns,Spillovers and Firm Incentives: Evidence from China |
| |
Authors: | Chorching Goh Lixin Colin Xu Wei Li |
| |
Institution: | 1. World Bank, Washington DC 20433, USA2. World Bank, Washington DC 20433, USA3. Cheung Kong Graduate School of Business, Beijing 100738, China |
| |
Abstract: | Using a new data set of 12,000 firms in China, this paper estimates the returns to R&D investment and its spillover effects, and investigates how the returns to R&D depend on firm incentives. For the firms in the sample, the results show that on average firm output increases around 0.4 yuan for each additional 1 yuan spent on R&D in the previous year, and there is high R&D return regardless of whether the endogeneity of R&D intensity is dealt with or not. Interestingly, the marginal return to R&D is significantly higher in firms whose CEOs were not appointed by the government, and lower when CEO pay is directly related to annual performance. The return to R&D is higher in relatively poor regions and for firms with worse access to finance. There are also non-trivial R&D spillover effects. |
| |
Keywords: | R&D returns incentives spillover |
|
| 点击此处可从《Frontiers of Economics in China》浏览原始摘要信息 |
| 点击此处可从《Frontiers of Economics in China》下载免费的PDF全文 |
|