學(xué)術(shù)講座信息：產(chǎn)業(yè)政策與企業(yè)創(chuàng)新：來(lái)自中國(guó)汽車與電子產(chǎn)業(yè)的研究

題  目：產(chǎn)業(yè)政策與企業(yè)創(chuàng)新：來(lái)自中國(guó)汽車與電子產(chǎn)業(yè)的研究

演講人：華秀萍 副教授

時(shí)  間：2016年9月28日 14:00

地  點(diǎn)：博學(xué)925室

 

演講人簡(jiǎn)介：

華秀萍博士在英國(guó)謝菲爾德大學(xué)管理學(xué)院取得金融學(xué)博士學(xué)位， 現(xiàn)任諾丁漢大學(xué)商學(xué)院（中國(guó)）金融學(xué)副教授，國(guó)際金融研究中心副主任。華秀萍博士曾在中國(guó)著名非官方金融與經(jīng)濟(jì)學(xué)智庫(kù)——中國(guó)金融四十人論壇擔(dān)任研究員，并在英國(guó)倫敦大學(xué)亞非學(xué)院擔(dān)任訪問(wèn)學(xué)者、英國(guó)《歐洲金融雜志》擔(dān)任專刊主編等。華秀萍博士的研究興趣主要包括金融產(chǎn)品定價(jià)、衍生品和中國(guó)金融市場(chǎng)。華秀萍博士已在Journal of International Money and Finance，the European Journal of Finance, Economic Modelling，《經(jīng)濟(jì)研究》，《金融研究》，《21世紀(jì)經(jīng)濟(jì)報(bào)道》和 《中國(guó)日?qǐng)?bào)》等學(xué)術(shù)期刊和媒體刊物發(fā)表多篇文章，并獲得國(guó)內(nèi)外政府與學(xué)術(shù)機(jī)構(gòu)多項(xiàng)研究項(xiàng)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.