演講者簡介 : Professor Zhao received his Ph.D. in Economics from University of Wisconsin-Madison in 2014. He is currently an Assistant Professor of Finance at Peking University HSBC Business School. His research fields are Macro-Finance, and Corporate Finance.
演講摘要 : China's GDP has grown at a tremendous rate over the last 40 years, but its total R&D expenditure has grown even more. We construct a model of firm dynamics which produces endogenous increases in R&D and productivity. We then take the model to the data and find that R&D expenditure as a percentage of GDP should have plateaued in the absence of government incentives. Also, Chinese firm productivity would have lagged 5-10 years behind without foreign technology spillovers. Finally, we assess the efficacy of various R&D policies.
