主题：Firm Performance and State Innovation Funding: Evidence from China’s Innofund Program

时间：2017年4月7日 周五 上午10点至11点30

地点：上海交大徐汇校区机械楼207室

主讲人：王砚波 长江商学院战略与创新访问助理教授

主持人：史冬波 国际与公共事务学院特别副研究员

点评嘉宾：郭俊华 国际与公共事务学院公共行政系主任教授

摘要：

Can firms leverage public entrepreneurship investments to improve innovation and financial performance? Analysis of this question is frustrated by the difficulty of distinguishing treatment from selection effects. We take advantage of internal administrative data on applications to China’s Innofund program in order (a) to identify which application features are associated with higher chances of obtaining grants and (b) to evaluate the causal impact of receiving a grant on firm performance using a regression discontinuity (RD) design. With regards to grant receipt, we find that firms possessing observable merits and political connections are more likely to receive Innofund grants. We also find evidence of bureaucratic intervention, as applicants’evaluation scores are non-randomly missing and that some firms whose scores did not meet funding standards nonetheless received grants. With regards to post-grant performance, we find that firms receiving high project evaluation scores and Innofund grants perform better than those that do not receive grants and have lower scores. These do not appear to be causal effects, however. Applying Fuzzy RD methods, we find no evidence that receiving an Innofund grant boosts survival, patenting, or venture funding. Our analysis demonstrates the value of administrative data for causal analysis and for uncovering evidence regarding the possibility that bureaucratic intervention affects firm and program outcomes.

主讲人简介：

王砚波博士现为长江商学院战略与创新访问助理教授。加入长江商学院之前，王砚波博士担任波士顿大学凯斯特罗姆商学院战略与创新助理教授，并曾先后在清华大学和斯坦福大学管理科学与工程专业担任访问学者。

王砚波教授拥有麻省理工斯隆管理学院博士学位和北京大学国际关系学院法学学士学位。他的研究方向为技术创新、商业模式和组织结构转化以及科技政策的设定和绩效评估。他的研究荣获考夫曼基金博士论文奖并发表在Management Science, Strategic Management Journal, Research Policy和Strategic Entrepreneurship Journal等期刊.他的近期研究项目关注中国科技创新扶持政策的绩效并撰写了春雨医生、途家、Angellist等以互联网思维改造传统行业的创新型企业教学案例。