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UID:74a2c2d531c1208a7b11b29eda57a5dc
CATEGORIES:Seminars
CREATED:20170421T180724
SUMMARY:Zheng Michael Song - Chinese University of Hong Kong
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:From imitation to innovation: Where is all that Chinese R&D going? (with Mi
 chael König and Kjetil Storesletten)\nAbstract:\n This paper analyzes the e
 xtent and effects of misallocation of R&D with the aid of a structural mode
 l based on König et al. (2016). The theory predicts that in an efficient en
 vironment innovation should be carried out by high-productivity firms while
  low-productivity firms should focus on adopting technologies from more pro
 ductive 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 pro
 ductivity 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 d
 istortions. The allocation of R&D expenditure improves between 2001 and 200
 7, but remains significantly less efficient than the allocation of R&D in T
 aiwan in the late 1980’s. We also document a persistent misallocation acros
 s ownership: state-owned enterprises do too much R&D relative to private fi
 rms. We conclude that the misallocation of R&D can have large effects on ag
 gregate productivity growth, and that a reduction in such misallocation can
  be important in sustaining future economic growth.\n
DTSTAMP:20260406T042643Z
DTSTART:20161107T173000Z
DTEND:20161107T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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