R&D Returns, Spillovers, and Firm Incentives : Evidence from China
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World Bank Group, Washington, DC
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This paper uses a new data set of 12,000
firms in China to estimate the returns to research and
development investment and its spillover effects, and
investigates how the returns to research and development
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 research and
development in the previous year, and there is high research
and development return regardless of whether the analysis
deals with the endogeneity of research and development
intensity. Interestingly, the marginal return to research
and development is significantly higher in firms whose chief
executive officers were not appointed by the government and
lower when the chief executive officer's pay is
directly related to annual performance. The return to
research and development is higher in relatively poor
regions and for firms with worse access to finance. There
are also non-trivial research and development spillover effects.
Palabras clave
AGRICULTURAL PRODUCTION, AGRICULTURE, ANATOMY, COMPETITIVENESS, DECENTRALIZATION, DEVELOPMENT RESEARCH, ECONOMIC DEVELOPMENT, ECONOMICS, ELECTRICITY, EQUIPMENT, EQUIPMENTS, FARMERS, FARMS, FOOD PROCESSING, FOOD PRODUCTION, FOREIGN DIRECT INVESTMENT, HANDICRAFT, HANDICRAFT PRODUCTS, HOUSING, ID, INDUSTRIAL ECONOMIES, INNOVATION, INTEGRATION, MACHINERY, MANUFACTURING, MANUFACTURING INDUSTRIES, MARKET OPPORTUNITIES, MATERIAL, MEDIUM ENTERPRISES, NEW TECHNOLOGY, OPEN ACCESS, PC, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PRODUCTIVITY, R&D, R&D EXPENDITURES, RESEARCH WORKING PAPERS, RESULT, RESULTS, SCENARIO, TECHNOLOGICAL INNOVATION, TECHNOLOGY TRANSFER, TELECOMMUNICATIONS, TEXTILES, USES, VALIDITY, WEB