题 目：The Relationship between Uncertainty and R&D Investment: Evidence from China
报告人：张飞达 副教授
主持人： 张国清 教授
时 间：2017年4月25日(星期二)，15:00-17:30
地 点：厦门大学嘉庚一409室
论文摘要： This study develops new theoretical arguments and empirical evidence that uncertainty has a U-shaped relationship with firms’R&D investment and that patenting moderates this relationship. We further identify several environmental and firm conditions where the moderating effect of patenting is most and least likely to hold to strengthen our theoretical claim. We test our hypotheses by developing a novel panel data set of Chinese firms. Our study is the first to reveal an important mechanism through which patenting encourages R&D investment: for firms more active in patenting, the turning point at which the effect of uncertainty on R&D switches from negative to positive takes on a smaller value, such that R&D investment is encouraged over a larger range of uncertainty for these firms.