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Using a new data set of 12,000 firms in China,this paper estimates the rets to R&D investment and its spillover effects,and investigates how the rets to R&D 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 R&D in the previous year,and there is high R&D ret regardless of whether the endogeneity of R&D intensity is dealt with or not.Interestingly,the marginal ret to R&D is significantly higher in firms whose CEOs were not appointed by the govment,and lower when CEO pay is directly related to annual performance.The ret to R&D is higher in relatively poor regions and for firms with worse access to finance.There are also non-trivial R&D spillover effects.