民营上市公司政治关系对研发活动的影响研究

康华; 王鲁平; 杨柳青

PDF(936 KB)

科研管理 ›› 2013, Vol. 34 ›› Issue (8) : 9-16.

论文

民营上市公司政治关系对研发活动的影响研究

康华^1,2,3, 王鲁平^1,2, 杨柳青^1,2

作者信息 +

Study on impact of political connections of Chinese private listed companies on R&D activities

Kang Hua^1,2,3, Wang Luping^1,2, Yang Liuqing^1,2

Author information +

文章历史 +

摘要

本文利用2005-2009年599家我国民营上市公司的数据分析了政治关系对企业研发活动的影响。实证研究显示:我国民营企业的政治关系有助于研发活动,而且不同地域的企业政治关系对研发活动的影响不同,这一结果表明转型经济体中企业的政治关系会显著影响企业经营活动,即政治关系与市场机制互为补充。

Abstract

This paper investigates the impact of political connection of the Chinese private listed companies on their R&D activities by using the data of 599 publicly listed Chinese companies in the period of 2005-2009. The empirical study shows that the political connections of Chinese private companies are conducive to the R&D activities and that the political connections of the companies in different locations may have different impact on the R&D activities. This finding shows that the political connections of the companies in the transitional economic body may significantly affect the company operation, which means the political connections are complementary to the market mechanism.

导出引用

康华, 王鲁平, 杨柳青. 民营上市公司政治关系对研发活动的影响研究[J]. 科研管理. 2013, 34(8): 9-16

Kang Hua, Wang Luping, Yang Liuqing. Study on impact of political connections of Chinese private listed companies on R&D activities[J]. Science Research Management. 2013, 34(8): 9-16

中图分类号： F276.5

参考文献

[1] Wu Jinglian,2006,Technological progress and economic growth, Zanbing Zhang (Ed.), Harmonious Growth:The Future of the Chinese Economy, Yuandong Press[M], Shanghai (2006) (in Chinese) [2] Lin et al. Managerial Incentives, CEO Characteristics and Corporate Innovation in China's Private Sector[J]. Journal of Comparative Economics, 2011, 39:176-190. [3] Guthrie, D., Between Markets and Politics:Organizational Response to Reform in China[J]. American Journal of Sociology, 1997,102:1258-1304. [4] M. W. Peng and Y. Luo, Managerial Ties and Firm Performance in a Transition Economy:The Nature of a Micro-Macro Link[J]. Academy of Management Journal, 2000,43:486-501. [5] Johnson, S., T. Mitton. Cronyism and Capital Controls:Evidence from Malaysia[J]. Journal of Financial Economics, 2003,67:351-382. [6] Faccio, M., Politically-connected Firms:Can they squeeze the state? [J]. American Economic Review, 2006, 96:369-386. [7] M. Bertrand, F. Kramarz, A. Schoar and D. Thesmar, Politician, Firms and Political Business Cycle:Evidence from France. Working Paper. 2007. [8] Fan, J.P., T. J. Wong and T. Zhang, Politically-connected CEOs, Corporate Governance and Post-IPO Performance of China's Newly Partially Privatized Firms[J]. Journal of Financial Economics, 2007,84:330-357. [9] T. Ferguson and H. Voth, Betting on Hitler:the Value of Political Connections in Nazi Germany[J]. Quarterly Journal of Economics, 2008,123:101-137. [10] 潘红波,余明桂.政治关系、控股股东利益输送与民营企业绩效[J],南开管理评论,2010(4):14-27. [11] 罗党论,刘晓龙.政治关系、进入壁垒与企业绩效-来自中国民营上市公司的经验证据[J],管理世界,2009(5):97-106. [12] 吴文峰,吴冲锋,刘晓薇.中国民营上市公司高官的政府背景与公司价值[J],经济研究,2008(7). [13] 罗党论,黄琼宇.民营企业的政治关系与企业价值[J],管理科学,2008(6):21-28. [14] 罗党论,甄丽明.民营控制、政治关系与企业融资约束—基于中国民营上市公司的经验证据[J],金融研究,2008(12):164-178. [15] 余明桂,潘红波.政治关系、制度环境与民营企业银行贷款[J],管理世界,2008(8):9-21. [16] 胡旭阳.民营企业家的政治身份与民营企业的融资便利—以浙江民营百强企业为例[J],管理世界,2006(5):107-141. [17] 潘越等.社会资本、政治关系与公司投资决策[J],经济研究,2009(11):82-94. [18] 胡旭阳,史晋川.民营企业的政治资源与民营企业多元化投资—以中国民营企业500强为例[J],中国工业经济,2008(4):5-14. [19] 潘红波,夏新平,余明桂.政府干预、政治关联与地方国有企业并购[J],经济研究,2008(4):41-52. [20] Fishman, R., Estimating the Value of Political Connection[J]. American Economic Review, 2001,91:1095-1102. [21] Fraser, D., H. Zhang., C. Derashid, Capital Structure and Political Patronage:The Case of Malaysia[J]. Journal of Banking and Finance, 2006,30:1291-1308. [22] Bai, C. E, J. Lu, Z. Tao., Property Rights Protection and Access to Bank Loans:Evidence from Private Enterprises in China[J]. Economics of Transition, 2006,14:611-628. [23] Charumilind, C., R. Kali., Y. Wiwattanakantang, Connected Lending:Thailand before the Financial Crisis[J]. Journal of Business, 2006,79:181-217. [24] Claessens, S., E. Feijen., L. Laeven, Political Connections and Preferential Access to Finance:The Role of Campaign Contributions[J]. Journal of Financial Economics, 2008,88:554-580. [25] Khwaja, A. I., A. Mian, Do Lenders Favor Politically-connected Firms? Rent Provision in an Emerging Financial Market[J]. Quarterly Journal of Economics, 2005, 120:1371-1411. [26] Grabowski, H. G.,. J. M. Vernon, The Determinants of Pharmaceutical Research and Development Expenditures[J]. Journal of Evolutionary Economics, 2000, 201-215. [27] Hall, B. H., Mairesse, J., Branstetter, Lee., Crepon, Bruno., 1999, Does Cash Flow Cause Investment and R&D:An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms?[M] in Audretsch, D.; Thurik, S. R. (eds.):Innovation, Industry Evolution, and Employment, Cambridge, Cambridge University Press. [28] Shleifer, A. Vishy, R. Politicans and Firms[J]. Quarterly Journal of Economics, 1994,109:995-1025. [29] 陈冬华. 地方政府,公司治理与补贴收入—来自我国证券市场的经验数据[J],财经研究,2003(9):15-21. [30] Bloom, N., Griffith, R., van Reenen, J., Do R&D Tax Credit Work? Evidence from an International Panel of Countries 1979-97[J]. Journal of Public Economics, 2002, 85:1-31. [31] Hyytinen, A., O. Toivanen, 2005, Do financial constraints hold back innovation and growth?:Evidence on the role of public policy[J]. Research Policy, 34(9):1385-1403. [32] 朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响—上海市的实证研究[J],经济研究,2003(6):45-53. [33] 许治,师萍.政府科技投入对企业R&D支出影响的实证分析[J],研究与发展管理, 2005(6):22-26. [34] 赵付民,苏盛安,邹珊刚.我国政府科技投入对大中型工业企业R&D投入的影响分析[J],研究与发展管理, 2006(4):78-84. [35] 丁小义,潘申彪,余红娜.政府直接资助与浙江省企业R&D投入分析[J],科学学研究, 2007(12):248-253. [36] 张化尧,史小坤.大中型企业R&D投入影响因素和技术现状分析[J],科研管理,2009(3):33-39. [37] 吴文峰,吴冲锋,芮萌.中国上市公司高官的政府背景与税收优惠[J],管理世界,2009(5):134-142. [38] Klette, T. J., J. Moen, Griliches, Z. Do subsidies to commercial R&D reduce market failures? Microeconometric evaluation studies[J]. Research Policy, 2000,29(4-5):471-495. [39] Hall, B., J. Van Reenen, How effective are fiscal incentives for R&D? A review of the evidence[J]. Research Policy, 2000,29(4-5):449-469. [40] Luo. Y.D. Guanxi and Business[M].Singapore:World Scientific Press. 2000, [41] Ito, K., V. Pucik, R&D Spending, Domestic Competition, and Export Performance of Japanese Manufacturing Firms[J]. Strategic Management Journal, 1993,14(1):61-75. [42] Blundell, R., R. Griffith, et al., Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms[J]. The Review of Economic Studies, 1999, 66(3):529-554. [43] Frye, T., E. Zhuravskaya, Rackets, Regulations and the Rule of Law[J]. Journal of Law, Economics and Organization, 2000,16:478-502. [44] Johnson, S., J. McMillan., C. Woodruff, Property Rights and Finance[J]. American Economic Review, 2002,92:1335-1356. [45] Chen, C., Z. Li., X. Su, Rent Seeking Incentives, Political Connections and Organizational Structure:Empirical Evidence from Listed Family Firms in China[R]. Working Paper, City University of Hong Kong. 2005. [46] Barker, V. L. III., G. C. Mueller. CEO Characteristics and Firm R&D Spending[J]. Management Science, 2002, 48(6):782-801. [47] 徐侠,陈圻,郑兵云.高技术产业R&D支出的影响因素研究[J],科学学研究,2008(4):304-310. [48] 胡永平,何建国.对重庆上市公司R&D支出影响因素的实证研究[J],科学学与科学技术管理,2007(4):59-62. [49] 张宗溢,张湄.关于高新技术企业公司治理与R&D投资行为的实证研究[J],科学学与科学技术管理,2007(5):23-26. [50] 樊纲,王小鲁,朱恒鹏.中国市场化指数—各地区市场化相对进程2009年报告[M],北京:经济科学出版社,2009.