一、主题：Firm Dynamics of Hi-Tech Start-ups: DoesInnovation Matter?
二、主讲人：张冬洋，首都经济贸易大学经济学院讲师。日本京都大学经济学硕士、博士，中国人民大学经济学院经济学学士、理学学士、经济学硕士。主要研究领域为：公司治理、公司财务与公司创新。近年来在《EconomicModelling》《Economics Letters》《EconomicSystems》《EmergingMarkets Finance and Trade》等国内外高水平杂志上发表论文十多篇。主持教育部人文社科基金、北京市社会科学基金。
Abstract: Innovationplays a vital role in corporate issues since it brings potentially appreciableprofits and shores up their statuses in certain fields, although it may alsoharness firms, especially smaller ones, with high survival risks. This concernbrings forth our research topic: could innovation diminish firms’ risk offailure? Our paper concentrates on hi-tech start-ups and complements existingfirm dynamic studies by adopting a comprehensive annual survey dataset from ascience park located in Beijing. Using a novel discrete-time proportionalhazards model, and thanks to extensive data available, we can take a deeperinvestigation into this topic. Our research complies with most of the previousstudies that show that the benefit from innovativeness outweighs the cost andwe solidify our conclusions by considering a few distinctive features existingin China’s economy.