Returns to Research and Development in Chinese Industry: Evidence from State-owned Enterprises in Beijing
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چکیده
This paper estimates returns to research and development (R&D) in Chinese industry. Using a firm-level dataset on innovation activity in largeand medium-size industrial enterprises during 1991 to 1997 in the Beijing area, we estimate three equations – an R&D expenditure equation, a production function, and a profit function. Panel data estimation methods are applied to a semibalanced data set constructed from the raw sample. We find substantial and significant returns to R&D in the cross-section dimension. We also find substantial cross-industry variation in the return to R&D, which declined considerably over the sample period. R&D expenditure increases less than proportionately with firm size but does not seem to be related to cash flow. JEL Classification: L00, O31, O33, P31
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