时间：10/22 10:30 - 12:00
地点：致福轩会议室

主讲：长江商学院的王砚波教授，和我们分享他对于中国高科技企业的研究。
Topic: Firm Performance and State Innovation Funding: Evidence from China's Innovfund Program
Introduction：

Dr. Yanbo Wang is a Visiting Assistant Professor of Strategy and Innovation at Cheung Kong Graduate School of Business (CKGSB). Prior to joining CKGSB, he was an Assistant Professor of Strategy & Innovation at Boston University Questrom School of Management, as well as Visiting Scholar to Stanford University Management Science & Engineering (Summer 2010) and Tsinghua University (January – June, 2008). Professor Wang earned his Ph.D. degree at Massachusetts Institute of Technology, Sloan School of Management in 2009.

ABSTRACT：

Can firms leverage public entrepreneurship investments to improve innovation and financial performance and, if so, which capabilities matter most?  Using administrative data on applicants to China’s Innofund program, we (a) identify which features improve firm chances of winning grants and (b) evaluate the causal impact of grants on firm performance via a regression discontinuity (RD) framework.  We find that firms whose applications report more innovation and better financial performance and whose founders have political connections are more likely to win funding.  Further, we find that firms receiving Innofund grants reduce their probability of failing, but do not increase their probability of innovating or securing additional private investment.  Finally, we do not find evidence that the capabilities that lead firms to win grants enhance the impact of these grants on firm performance.

 

keywords:  innovation policy, R&D subsidies, entrepreneurial finance, regression discontinuity, political connections in China