期刊
CHINA ECONOMIC REVIEW
卷 41, 期 -, 页码 181-195出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.chieco.2016.10.003
关键词
Heterogeneous firms; Self-selection; PSM-DID method; Net effect of R&D
类别
资金
- National Bureau of Statistics
- Ministry of Finance China Statistical Communique of National Science and Technology
- Ministry of Science and Technology
Applying the theories of heterogeneous firms and the propensity score matching difference-indifferences (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. (C) 2016 Elsevier Inc. All rights reserved.
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