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主讲人 |
Guanliang Hu |
简介 |
<p>We study how expanding access to intellectual property (IP)-backed credit affects firm innovation and aggregate total factor productivity (TFP). Exploiting China’s IP-backed financing pilot as a quasi-natural experiment, we use difference-in-differences estimates to show that the policy increases R&D participation, raises firm-level productivity, and reduces capital misallocation. To interpret these effects and quantify their aggregate firm plications, we develop a dynamic model of heterogeneous firms that borrow subject to collateral constraints backed by tangible assets and IP, and choose R&D investment and the accumulation of wealth. R&D raises future productivity and creates collateralizable IP. We estimate the model by the method of simulated moments, using the policy-induced shift in R&D participation to identify the change in IP pledgeability. The estimated model firm plies that a nationwide adoption of IP-backed financing would raise long-run TFP by 14%, with roughly two-thirds coming from static gains due to improved capital allocation and the remainder from dynamic gains driven by higher innovation that accumulate over time. Relative to a comparable expansion of lending backed by tangible collateral, IP-backed financing delivers larger productivity gains by easing constraints for high-productivity but low-wealth firms and by strengthening incentives to accumulate IP as collateral for future borrowing.</p> |
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主讲人简介 |
<p>Guanliang Hu is an Assistant Professor of Economics and Finance at City University of Hong Kong. He received his Ph.D. in Economics from Pennsylvania State University. His research explores macroeconomics with heterogeneity, with a particular emphasis on firm dynamics, financial frictions, aggregate productivity, and the distinction between productivity and demand.</p> |
期数 |
国际经贸青年学者论坛第93讲 |
