编按： Frontiers of Economics in China（FEC）2016年第4期重磅：世界银行中国区首席经济学家吴卓瑾、长江商学院经济学教授李伟、世界银行首席经济学家徐立新的合作论文《研发回报、溢出效应与公司激励：以中国为例证》。

1 论文标题

研发回报、溢出效应与公司激励：以中国为例证

2 作者信息

吴卓瑾，世界银行
李伟，长江商学院
徐立新，世界银行

3 出处和链接（比如，NBER working paper No.11000）

Chorching Goh,Lixin Colin Xu,Wei Li. R&D Returns, Spillovers and Firm Incentives: Evidence from China[J]. Front. Econ. China, 2016, 11(4): 581-607.

http://journal.hep.com.cn/fec/EN/10.3868/s060-005-016-0030-9

4 摘要

摘要：本文使用中国12000家企业的新数据集，估算了研发投资回报及其外溢效应，并探究了研发回报如何依赖于公司激励。就样本中的企业而言，结果显示在过去一年里企业平均在研发领域每增加1元投资，其产出增加约0.4元，且无论是否算入研发强度的内生问题，研发回报都较高。有趣的是，当企业首席执行官并非由ZF任命时，企业研发边际回报显著更高；而当企业首席执行官的薪资与其年度绩效直接相关时，企业的研发边际回报会更低。在相对贫穷地区以及欠缺融资渠道的企业，企业研发回报较高。此外，研发有不小的溢出效应。

Abstract: Using a new data set of 12,000 firms in China, this paper estimates the returns to R&D investment and its spillover effects, and investigates how the returns 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 return regardless of whether the endogeneity of R&D intensity is dealt with or not. Interestingly, the marginal return to R&D is significantly higher in firms whose CEOs were not appointed by the government, and lower when CEO pay is directly related to annual performance. The return 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.