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The Impact of Government Subsidy on R&D Input of Enterprises

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Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development

Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to provide incentives such as subsidies on R&D investments, given that R&D investments are critical to the development of new technologies and the sustainable growth of the economy.

In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.

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Agent

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Date Created
2015

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Valuation Tools of Conglomerates and Their Application in the Case of Fosun International

Description

There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three

There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.

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Agent

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Date Created
2015

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A Low Cost, High Dynamic Range, Versatile Digital Readout Integrated Circuit Unit Cell Prototype for Infrared Imaging Applications

Description

Readout Integrated Circuits(ROICs) are important components of infrared(IR) imag

ing systems. Performance of ROICs affect the quality of images obtained from IR

imaging systems. Contemporary infrared imaging applications demand ROICs that

can support large dynamic range, high frame rate, high output data rate,

Readout Integrated Circuits(ROICs) are important components of infrared(IR) imag

ing systems. Performance of ROICs affect the quality of images obtained from IR

imaging systems. Contemporary infrared imaging applications demand ROICs that

can support large dynamic range, high frame rate, high output data rate, at low

cost, size and power. Some of these applications are military surveillance, remote

sensing in space and earth science missions and medical diagnosis. This work focuses

on developing a ROIC unit cell prototype for National Aeronautics and Space Ad

ministration(NASA), Jet Propulsion Laboratory’s(JPL’s) space applications. These

space applications also demand high sensitivity, longer integration times(large well

capacity), wide operating temperature range, wide input current range and immunity

to radiation events such as Single Event Latchup(SEL).

This work proposes a digital ROIC(DROIC) unit cell prototype of 30ux30u size,

to be used mainly with NASA JPL’s High Operating Temperature Barrier Infrared

Detectors(HOT BIRDs). Current state of the art DROICs achieve a dynamic range

of 16 bits using advanced 65-90nm CMOS processes which adds a lot of cost overhead.

The DROIC pixel proposed in this work uses a low cost 180nm CMOS process and

supports a dynamic range of 20 bits operating at a low frame rate of 100 frames per

second(fps), and a dynamic range of 12 bits operating at a high frame rate of 5kfps.

The total electron well capacity of this DROIC pixel is 1.27 billion electrons, enabling

integration times as long as 10ms, to achieve better dynamic range. The DROIC unit

cell uses an in-pixel 12-bit coarse ADC and an external 8-bit DAC based fine ADC.

The proposed DROIC uses layout techniques that make it immune to radiation up to

300krad(Si) of total ionizing dose(TID) and single event latch-up(SEL). It also has a

wide input current range from 10pA to 1uA and supports detectors operating from

Short-wave infrared (SWIR) to longwave infrared (LWIR) regions.

Contributors

Agent

Created

Date Created
2019