澳大新語 • 2022 UMAGAZINE 25 43 人物專訪 • EXCLUSIVE INTERVIEW 如何運用市場化機制激勵企業創新是朱智豪教授近年的研究方向 In recent years Prof Angus Chu has been studying how to use the market mechanism to encourage innovations in enterprises invisible hand, an economic concept proposed by Adam Smith, is no longer relevant. ‘Empirical studies have shown that since the private rate of return on corporate innovation is several times lower than the social rate of return, the market level of investment in R&D is much lower than the social optimum,’ says Prof Chu. ‘This is because innovation-driven development is susceptible to externalities that lead to market failures and therefore requires government intervention in the form of policy support to overcome market imbalances. Policy support from the government can also speed up the commercialisation of research results and promote deeper integration of technological innovation with the real economy.’ According to Prof Chu, China began highlighting the importance of research, development, and innovation in the 11th Five-Year Development Plan. He points out that an alignment of innovation policy and the broader industrial policy would create favourable conditions for R&D and innovation, adding that entrepreneurs are motivated to innovate because they want to become innovation moguls to monopolise the market — a concept at the heart of Paul Romer’s economic research. ‘China is now committed to becoming an international centre for intellectual property protection, which will bring better legal protection to innovative enterprises.’ says Prof Chu. arising in the process of economic development in a timely manner. In this way, they can help governments create better economic policies to promote economic growth and to improve people’s quality of life and the social welfare system.’ An Economy Driven by Research and Innovation As a result of recent changes in the global economic landscape and the emergence of new technologies such as the internet of things and artificial intelligence, innovation has become the major driver of economic development. Prof Chu has been studying how to use the market mechanism to encourage innovations in enterprises. He studied and taught for nearly 20 years in the United Kingdom, the United States, and Canada. In 2016, he returned to China through the Overseas High-Level Talent Recruitment Programme (The Thousand Talents Plan) of Shanghai and became a professor at Fudan University. The position allowed him to conduct studies on China’s economic growth to provide theoretical support for the country’s goal of achieving innovation-driven economic growth. After joining UM in 2021, he continued to study this topic, focusing on policies for intellectual property protection, in order to create meaningful changes for the development of the hi-tech industry in Macao. He believes that the advent of a knowledge-based economy means the
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