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宋铮 教授 讲座信息

讲座信息

讲座题目:R&D Misallocation and TFP Growth
主讲人:  宋铮  教授
时间:    2017年4月13日上午9:30
地点:    研究生院学术报告厅
主讲人简介:宋铮教授于2005年获得瑞典斯德哥尔摩大学经济学博士学位,现任香港中文大学经济系教授;曾任美国芝加哥大学Booth商学院副教授、复旦大学教授。宋铮教授的研究领域是宏观经济、中国经济和政治经济学,宋铮教授的论文发表在American Economic Review、Econometrica、Journal of Monetary Economics、International Economic Review、Journal of Economic Theory等诸多的国际顶级期刊,他的论文Growing like China获2013年孙冶方经济科学奖。宋教授同时担任Journal of European Economic Association副主编和China Economic Review编委、客座主编。
ABSTRACT
This paper analyzes the extent and effects of misallocation of R&D with the aid of a structural model. The theory predicts that in an efficient environment innovation should be carried out by high-productivity firms while low-productivity firms should focus on adopting technologies from more productive firms. Misallocation arises when, due to some investment wedges, it is less productive firms that invest in R&D. We use China’s firm-level productivity data and R&D data from 2001 and 2007. We find that high-TFP firms are more likely to do R&D, but the allocation of R&D is subject to large distortions. The allocation of R&D expenditure improves between 2001 and 2007, but remains significantly less efficient than the allocation of R&D in Taiwan in the late 1980's. We also document a persistent misallocation across ownership: state-owned enterprises do too much R&D relative to private firms. We conclude that the misallocation of R&D can have large effects on aggregate productivity growth, and that a reduction in such misallocation can be important in sustaining future  



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