Research

We investigate how the stock market values innovations by developing a general equilibrium quality-ladder growth model with technological interdependence across sectors. Our model highlights the importance of sectoral technology centrality, which captures the position of sectors in the technology network. Sectors with greater technology centrality are hubs of the technology network and receive greater knowledge spillovers, making innovations in these sectors more valuable. We empirically examine the relationship between the value of innovations and their centrality by adopting an event study approach to estimate the economic value of patents and using a comprehensive patent citation database to construct the empirical counterpart of technology centrality in our model. Our estimation results suggest that the average patent value in the sector at the 75th percentile of technology centrality is 80% higher than that in the sector at the 25th percentile.

Mandatory disclosure could increase price informativeness by crowding in the manager’s unknown information into the price. By learning from the price, the manager increases the firm’s investment efficiency. In this study, we use the mandatory disclosure regulation of company visits as an exogenous shock to test the learning channel. We find that there is a positive learning effect in the Chinese market. Consistent with the learning theory, we show that the effect is determined by the information types of disclosure. In addition, a higher disclosure precision will amplify this effect: firms that disclose more precise information exhibit a stronger learning effect. Overall, we add to the existing literature novel empirical evidence on the learning channel of mandatory disclosure and its real effect.

The theoretical literature highlights the critical role of resource allocation efficiency in driving the economic impact of innovation and industrial policies. However, few empirical studies have examined how basic research investment should be allocated across different disciplines. This study addresses this gap by investigating the effects of basic research investment on economic productivity and resilience. Specifically, we extend the framework of Acemoglu and Azar (2020) to allow for heterogeneous industry-level total factor efficiency change and investigation on labor market shares. Our findings reveal that (i) basic research investment significantly enhances the efficiency of various industries in China; (ii) industries with stronger interconnections get greater economic benefits and exhibit higher employment shares; (iii) counterfactual analysis suggests that basic research investment in high-tech sectors can substantially improve overall productivity and economic resilience; and (iv) improving the efficiency of complementary industries can yield economic outcomes comparable to directly targeting constrained sectors. These results underscore the strategic importance of basic research investment in fostering sustainable economic growth and resilience.

本文基于世界银行、国际货币基金组织等提供的全球宏观统计数据，使用主成分分析法，构建了全球115个国家和地区的普惠金融指数。在此基础上研究发现，普惠金融发展与金融稳定有着先升后降的倒U形关系，有效的宏观监管可以减弱发展普惠金融所带来的系统性风险。本文所构建的普惠金融指数以及使用的资本充足率、银行市场势力等变量，可以对各个国家和地区是否发生金融危机进行模拟预测，为金融监管机构提供模型依据与决策参考。

我国可持续的经济发展必须依靠高质量的创新.本文基于2007-2020年间的中国知识产权与上市企业微观数据,构建了多维度的企业创新陷阱指数,以此衡量企业低质量创新存在的风险,并分析其对生产效率与企业价值的影响.研究发现:1)企业创新陷阱指数越高,企业的生产效率受到的负面影响越大.2)陷入创新陷阱的企业,由于未来生产效率受到进一步抑制,导致企业价值下降.3)创新陷阱的影响机制存在异质性,所在行业竞争程度激烈的企业、融资能力低的企业,以及资源相对匮乏的民营企业,其创新陷阱风险对生产效率的负面影响较强.此外,准自然实验研究表明,2013年国家政策引导下的企业创新质量的提升,将有助于创新能力强的公司进一步提高生产效率与价值,同时使得陷入创新陷阱的企业进一步丧失竞争力。