学术讲座信息：产业政策与企业创新：来自中国汽车与电子产业的研究

题  目：产业政策与企业创新：来自中国汽车与电子产业的研究

演讲人：华秀萍 副教授

时  间：2016年9月28日 14:00

地  点：博学925室

 

演讲人简介：

华秀萍博士在英国谢菲尔德大学管理学院取得金融学博士学位， 现任诺丁汉大学商学院（中国）金融学副教授，国际金融研究中心副主任。华秀萍博士曾在中国著名非官方金融与经济学智库——中国金融四十人论坛担任研究员，并在英国伦敦大学亚非学院担任访问学者、英国《欧洲金融杂志》担任专刊主编等。华秀萍博士的研究兴趣主要包括金融产品定价、衍生品和中国金融市场。华秀萍博士已在Journal of International Money and Finance，the European Journal of Finance, Economic Modelling，《经济研究》，《金融研究》，《21世纪经济报道》和 《中国日报》等学术期刊和媒体刊物发表多篇文章，并获得国内外政府与学术机构多项研究项目。

 

Industrial Policies and Innovation: Evidence from the Chinese Automotive and Electronics Industries

 

In this study, we explore how industrial policies such as government subsidies, state ownership and setting up Special Economic Zones (SEZ) affect financial constraints and innovation at the firm level in two strategically important industries in China, namely the automotive and the electronics industries. We perform empirical analyses using a sample of 492 listed firms from 2006 to 2014. At the same time, we conduct 22 interviews of entrepreneurs, managers, government officials and venture capitalists to add qualitative insight to our analysis. We show that government subsidies play a key role in reducing financial constraints and promoting innovation. At the same time, compared with state-owned enterprises, private firms are more efficient at utilizing subsidies to engage in R&D and invest more proportionately on innovation. In addition, we provide strong evidence that firms located in the SEZ enjoy the premium of regional clustering, are less financially constrained and more effective in innovation. Our findings contain rich policy implication and shed new light on the current debate on industrial policies and the institutional reform in China.