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883期 4月23日 :R&D Dynamics and Corporate Cash(Jake Zhao, 助教授,北京大学汇丰商学院)

【主讲】Jake Zhao (助教授,北京大学汇丰商学院)

【主题】R&D Dynamics and Corporate Cash

【时间】2018年4月23日 (周一) 15:30-17:00

【地点】上海财经大学经济学院楼701室

【语言】英文

【摘要】High-tech firms hold substantial cash reserves. Potential explanations in the literature for this phenomenon include R&D adjustment costs, financial frictions, knowledge spillover, innovation uncertainty, and market competition. We build a parsimonious industry equilibrium model that incorporates all of the cited explanations and determines which factors are the most important for understanding the cash policy of high tech firms. We find that innovation uncertainty is the major driver behind the phenomenon, followed by knowledge spillover and financial frictions. Market competition has non-monotonic effects, while R&D adjustment costs play a relatively minor role since R&D investment is naturally persistent. We also discover that R&D tax credits are more effective in improving productivity when innovation uncertainty and R&D adjustment costs are lower.

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