报告题目：Construction or Destruction - Automation-Induced Innovation Shift

报告人：陆瑶

时  间：2022年11月25日14:00-16:00

腾讯会议号：503-889-040

报告人简介：

陆瑶，清华大学经管学院金融系教授（长聘），副系主任，教育部国家级人才称号获得者，国家自然科学基金委“优秀青年科学基金”获得者，“清华大学学术新人奖”获得者。

陆瑶教授主要研究领域为公司治理，企业并购与重组，劳动与金融，技术变革对企业投融资以及发展的影响，资本市场改革与发展等，在《Journal of Finance》，《Management Science》，《Journal of Financial Economics》，《Journal of Financial and Quantitative Analysis》，《Review of Economics and Statistics》《Review of Finance》，《Journal of Corporate Finance》，《经济研究》，《管理世界》，《管理科学学报》,《金融研究》，《经济学（季刊）》等国内外顶级权威学术期刊发表（或接收）论文45篇。陆瑶教授还担任《Pacific-Basin Finance Journal》副主编，《Corporate Governance: An International Review》编委会成员（Editorial Board），等。

摘要：

This paper studies the impact of robot exposure on firms’ innovation activities. We measure a firm’s innovations as its patent number distribution in technology fields. First, at the aggregate level, firms with high robot exposure experience a significant decline in patent innovations but a rise in R&D expenditure in the following years. Associated with the innovation decline, we further show that firms with high robot exposure witness a decline in their technology similarity over time and significantly shift their innovative activities from the incumbent fields to AI-oriented ones. This automation-induced innovation shift becomes more significant for firms with AI-related research experience in history. Finally, we present a dynamic equilibrium model to shed insights on how automation induces innovation shift.

西安交通大学经济与金融学院

2022年11月22日