报告时间:5月9日 周二 10:00-11:00



报告主题:促进创新还是操纵数量?Stimulating Innovation or Managing Numbers?




China’s 12th Five-Year Plan, adopted in early 2011, set a target of doubling the number of invention patents per 10,000 people in the 2011-2015 period. We find that this target and related government interventions stimulate patent output in less innovative provinces from 2011 to 2015. A difference-in-differences analysis shows that firms in less innovative provinces file 28.77% more patent applications; however, these patents receive fewer citations and are less valuable in terms of stock market reactions. We also find that firms located in less innovative provinces do not increase their R&D expenditure. Moreover, firms that benefit more from patent subsidy programs and firms subject to more government interventions exhibit a greater increase in their number of patents, suggesting that firms increase their number of patent filings, but not their R&D expenditure, in response to government pressure and incentives. Our results thus highlight the unintended consequences of setting quantitative policy targets to promote science and technology.