| 寻租、R&D投资与公司业绩——基于民营上市公司的经验证据 |
| |
| 引用本文： | 杜兴强,曾泉,王亚男.寻租、R&D投资与公司业绩——基于民营上市公司的经验证据[J].投资研究,2012(1):57-70. |
| |
| 作者姓名： | 杜兴强 曾泉 王亚男 |
| |
| 作者单位： | 厦门大学管理学院 |
| |
| 基金项目： | 国家自然科学基金项目(71072053);福建省社会科学重点项目(2010A012);中央高校基本科研业务费专项资金(2010221021)的资助 |
| |
| 摘 要： | 本文手工搜集了2005-2009年中国民营上市公司R&D投资及高管政治联系的数据,从寻租行为与R&D投资活动的竞争性视角,实证研究了两者对公司业绩的影响趋势。本文结果表明,R&D投资持续、稳定地对公司业绩具有显著地提升作用,而寻租行为虽然短期对公司业绩有利,但却显著地损害了公司未来的业绩。本文研究结果表明,R&D投资,而非寻租,才是公司持续性业绩增长的关键。
|
| 关 键 词： | 寻租 R&D 公司业绩 |
Rent-Seeking,R&D Investment and Corporate Performance:Empirical Evidence from Private Listed Firms |
| |
| Du Xingquan,Zeng Quan,Wang Yanan.Rent-Seeking,R&D Investment and Corporate Performance:Empirical Evidence from Private Listed Firms[J].Investment Research,2012(1):57-70. |
| |
| Authors: | Du Xingquan Zeng Quan Wang Yanan |
| |
| Institution: | Du Xingquan,Zeng Quan,Wang Yanan |
| |
| Abstract: | Using a hand-collected sample of R&D data and political connections data of key managers underlying Chinese public listed companies from 2005 to 2009, this article empirically studies the competitive influence between rent-seeking and R&D on corporate performance. The results show that R&D has a continually and stably positive influence on increasing corporate performance, but rent-seeking behavior has a short-term positive effect and a long-term significantly damage on corporate performance. The conclusions support the viewpoint that R&D, not rent-seeking is the key factor to influence corporate persistent performance. |
| |
| Keywords: | Rent-Seeking R&D Corporate Performance |
| 本文献已被 CNKI 等数据库收录！ |
|
