One recent development in the area of manufacturing is the New Industrial Revolution(NIR).This paper examines the contours shaping the NIR,and analyses the challenges facing China in its pursuit to achieve technologic...One recent development in the area of manufacturing is the New Industrial Revolution(NIR).This paper examines the contours shaping the NIR,and analyses the challenges facing China in its pursuit to achieve technological parity with advanced nations.China’s economic rise is strongly associated with its ascending the technology ladder.The country is now the world’s workshop.As the labourintensive strategy based on cheap labour has run up against its limits,policy makers have devised plans that focus on industrial upgrading,promote indigenous innovations and establish national brands.This way China would avoid the middle-income trap and eventually become an innovative powerhouse.展开更多
This paper empirically investigates the effect of mandatory pension contributions on firm innovation. We find that firms with mandatory contributions experience a decline in their innovation output. This effect is str...This paper empirically investigates the effect of mandatory pension contributions on firm innovation. We find that firms with mandatory contributions experience a decline in their innovation output. This effect is stronger for firms with financial constraints, more shortterm institutional investors, higher levels of managerial short-termism. We also document that mandatory pension contributions result in a reduction in firm research and development expenditures and an increase in firm debt-to-asset ratio. Moreover, we report that firms with mandatory contributions increase their alliance activities to pursue innovation with external partners.展开更多
文摘One recent development in the area of manufacturing is the New Industrial Revolution(NIR).This paper examines the contours shaping the NIR,and analyses the challenges facing China in its pursuit to achieve technological parity with advanced nations.China’s economic rise is strongly associated with its ascending the technology ladder.The country is now the world’s workshop.As the labourintensive strategy based on cheap labour has run up against its limits,policy makers have devised plans that focus on industrial upgrading,promote indigenous innovations and establish national brands.This way China would avoid the middle-income trap and eventually become an innovative powerhouse.
文摘This paper empirically investigates the effect of mandatory pension contributions on firm innovation. We find that firms with mandatory contributions experience a decline in their innovation output. This effect is stronger for firms with financial constraints, more shortterm institutional investors, higher levels of managerial short-termism. We also document that mandatory pension contributions result in a reduction in firm research and development expenditures and an increase in firm debt-to-asset ratio. Moreover, we report that firms with mandatory contributions increase their alliance activities to pursue innovation with external partners.
