【主题】Financing R&D
【报告人】刘畅（助理教授，新加坡国立大学）
【时间】 2024年6月4日周二10:00-11:30
【地点】高等研究院楼232会议室
【语言】英文
【主持人】欧声亮副教授
【摘要】This paper investigates the credit frictions underlying R&D financing via banks and their aggregate implications for innovation policies. We model the relationship between banks' credit supply and entrepreneurs' R&D decision within a moral hazard framework which endogenously pins down borrowing constraints and interest rates facing different types of firms. Combining unique loan and firm-level data sets, our empirical analysis reveals that the staggered rollout of innovation policies across cities in China since 2010 increased financing costs for R&D-intensive firms relative to their less intensive counterparts and negatively affected the average quality of R&D, consistent with the theory prediction. In the quantitative model, we estimate that these policies led to a loss of 0.12% in aggregate productivity of the Chinese manufacturing sector.
【报告人简介】Dr. Chang Liu an Assistant Professor of Economics at the National University of Singapore. He received a PhD in Economics from the University of Wisconsin-Madison in 2020. His research interest broadly focuses on macro, monetary and macro-finance. His ongoing research delves into the dynamics of inflation, examines macroeconomic questions from a regional perspective, and investigates the interplay between credit and the macroeconomy.
