题目：The Growth of Chinese R&D and Innovation
主讲人简介：Jake Zhao is an Assistant Professor of Finance at Peking University HSBC Business School. He received his Ph.D. from the University of Wisconsin-Madison in 2014. His research can be broadly classified in the fields of macro-finance and structural corporate finance, and has been published in various internationally recognized journals.
内容摘要：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 more than 10 years behind without foreign technology spillovers. Finally, we assess the efficacy of various R&D policies. Giving greater R&D subsidies to less productive firms is more efficient, while giving greater subsidies to firms with lower R&D expenditures is not as efficient.