演講者簡介 : Professor Chang Liu received his PhD from the University of Wisconsin-Madison in 2020. He is currently an Assistant Professor at the National University of Singapore. His research interests are Macroeconomics, Monetary Economics, and International Economics.
演講摘要 : This paper investigates the credit frictions underlying R&D financing via banks and their aggregate implications for innovation policies. We model the relationship between banks' credit supply and entrepreneurs' R&D decision within a moral hazard framework which endogenously pins down borrowing constraints and interest rates facing different types of firms. Combining unique loan and firm-level data sets, our empirical analysis reveals that the staggered rollout of innovation policies across cities in China since 2010 increased financing costs for R&D-intensive firms relative to their less intensive counterparts and negatively impacted the average quality of R&D, consistent with the theory prediction. In the quantitative model, we estimate that these policies led to a loss of 0.12% in aggregate productivity of the Chinese manufacturing sector.
