Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/54753
|
| Title: | 外資投資決策與創新效率-以中國上市公司為例
Foreign investment decisions and innovative efficiency: evidence from China |
| Authors: | 李柏廷 |
| Contributors: | 詹凌菁
李柏廷 |
| Keywords: | 專利權
創新效率
外資投資
股權結構
新興國家
Patents
Innovative Efficiency
Foreign Shares
Ownership Structures
Emerging Countries |
| Date: | 2011 |
| Issue Date: | 2012-10-30 11:43:17 (UTC+8) |
| Abstract: | 企業的創新已經進入到應用專利權進行策略佈局的階段，因此綜合研發投入和專利產出的創新效率便成為關注企業競爭力的重要指標。而影響創新效率的關鍵在於企業決策者的策略意圖，但由於新興國家法規體制尚不完備，與決策者相關的公司治理因素成為創新效率的核心議題。為深入瞭解其中的連結，本研究以中國的上市公司為研究對象，並從外資投資者的角度探討股權結構與創新效率之間的關係。研究結果發現外資股對於創新效率有正向影響，若與國有股同時存在，原有的正向影響則會減弱；但當國有股私有化的程度愈高，外資股所受的干擾降低，對創新效率的正向影響便愈大；另外法人股的存在則更能增進外資股提升企業的創新效率。
Nowadays, enterprises regard patents as a key strategy to enhance its innovation capability. Therefore, innovative efficiency (IE), measured as the relation between R&D expenditures and patents granted, becomes an important index to observe corporate competitiveness. Ownership structures could affect the outcome of IE as shareholders are ultimate decision makers. However, this may be a more serious issue in emerging countries, as they generally have weak legal environments and shareholders do not fully understand the details of firms’ innovation efforts. This study explores this issue based on a sample of Chinese listed companies and examines the extent to which ownership structures, especially foreign shareholders, are associated with the IE of publicly listed firms in China. The results indicate that IE is positively associated with the foreign shareholdings, while this relation turns negative when there are state shareholdings. As state shareholding have negative effects on IE and could interfere the role of foreign shareholdings in improving a company’s innovation activities, the results also suggest that the level of state shareholding privatization improves the association between IE and foreign shareholding. Moreover, the relation between IE and the foreign shareholding is more pronounced if institutional shareholdings exist. |
| Reference: | 一、 中文部分
天下雜誌，2010.10，中國專利申請即將超過日本，第457期。
中國證券監督管理委員會，2008，中國資本市場發展報告，中國金融。
金成隆、陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第1期
：99-124。
商業周刊，2011.8.29，專利八國聯軍圍攻台灣，第1240期。
二、 英文部分
Acs, Z. J., L. Anselin, and A. Varga. 2002. Patents and Innovation Counts as Measures
of Regional Production of New Knowledge. Research Policy, 31(7), 1069-1085.
Aghion, P., J. V. Reenen, and L. Zingales. 2009. Innovation and Institutional Ownership. Discussion Paper, No. 7195, CEPR.
Alchain, A. A., and H. Demsetz. 1972. Production, Information Costs, and Economic Organization. American Economic Review, 62, 777-795.
Baysinger, B. D., and R. E. Hoskisson. 1989. Diversification Strategy and R&D Intensity in Multiproduct Firms. Academy of Management Journal, 32(2), 310-332.
Baysinger, B. D., R. D. Kosnik, and T. A. Turk. 1991. Effects of Board and Ownership Structure on Corporate R&D Strategy. Academy of Management Journal, 34(1), 205-214.
Berle, A., and G. Means. 1932. The Modern Corporation and Private Property. New York, NY: Mac-Millan.
Chambers, D., R. Jennings, and R. B. Tompson II. 2002. Excess Returns to R&D-Intensive Firms. Review of Accounting Studies, 7, 133-158.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56, 2431-2456.
Chan, S. H., J. Martin, and J. Kensinger. 1990. Corporate Research and Development Expenditures and Share Value. Journal of Financial Economics, 26, 255-276.
Chen, G., M. Firth, and O. Rui. 2006. Have China’s Enterprise Reforms Led to Improved Efficiency and Profitability? Emerging Markets Review, 7(1), 82-109.
Chin, C. L., H. Y. Chi, and H. J. Lee. 2009. Chinese Ownership Structures and Innovation Performances. Journal of Management, 26(1), 17-33.
Chin, C. L., P. Lee, H. Y. Chi, and A. Anandarajan. 2006. Patent Citation, R&D Spillover, and Tobin’s Q: Evidence from Taiwan Semiconductor Industry. Review of Quantitative Finance and Accounting, 26, 67-84.
Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The Journal of Finance, 57(6), 2741-2771.
Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
Connolly, R. A., and M. Hirschey. 1988. Market Value and Patents: A Bayesian Approach. Economics Letters, 27, 83-87.
Cubbin, J., and D. Leech. 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. Economic Journal, 93, 351-369.
Daniel, K., and S. Titman. 2006. Market Reactions to Tangible and Intangible Information. The Journal of Finance, 61(4), 1605-1643.
Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of Stock Performance. Financial Analysis Journal, 55(3), 20-32.
Drucker, P. F. 1998. The Discipline of Innovation. Harvard Business Review, 98604.
Eberhart, A. C., W. F. Maxwell, and A. R. Siddique. 2004. An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases. Journal of Finance 59, 623-650.
Eng, L. L., and M. Shackell. 2001. The Impact of Long-run Performance Plans and Institutional Ownership for Firms Research and Development Expenditures. Journal of Accounting, Auditing, and Finance, 16(2), 117-139.
Fan, P. H., and T. J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33, 401-425.
Francis, J., and A. Smith. 1995. Agency Costs and Innovation: Some Empirical Evidence. Journal of Accounting and Economics, 19, 383-409.
Graves, S. A., and S. A. Waddock. 1990. Institutional Ownership and Control: Implications for Long-term Corporate Strategy. Academy of Management Executive, 4, 75-83.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature, 28, 1661-1707.
Griliches, Z., B. H. Hall, and A. Pakes. 1998. R&D, Patent and Markets Value Revisited: Is There a Second (Technological Opportunity) Factor. Working Paper, No.2642, NBER.
Grossman, S. J., and O. D. Hart. 1988. One Share/ One Vote and the Market for Corporate Control. Journal of Financial Economics, 20, 175-202.
Gu, F. 2005. Innovation, Future Earnings, and Market Efficiency. Journal of Accounting, Auditing and Finance 20, 385-418.
Hall, B. H., A. B. Jaffe, and M. Trajtenberg. 2001. The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools. Working Paper, NBER.
Hall, B. H., and R. H. Ziedonis. 2001. The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. RAND Journal of Economics, 32(1), 101-128.
Harris, M., and A. Raviv. 1988. Corporate Governance: Voting Rights and Majority Rules. Journal of Financial Economics, 20, 203-235.
Hay, D. A., and D. J. Morris. 1979. Industrial Economics: Theory and Evidence. Oxford, U. K.: Oxford University Press.
Hill, C. W. L., and S. A. Snell. 1989. Effects of Ownership Structure and Control on Corporate Productivity. Academy of Management Journal, 32(1), 5-46.
Hirschey, M., V. J. Richardson, and S. Scholz. 2001. Value Relevance of Nonfinancial Information: The Case of Patent Data. Review of Quantitative Finance and Accounting, 17, 223-235.
Hirshleifer, D., P. H. Hsu, and D. Li. 2011. Innovative Efficiency and Stock Returns. Working paper.
Holderness, C. G., and D. P. Sheehan. 1988. The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis. Journal of Financial Economics, 20, 317-346.
Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization, 12(3), 305-327.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
Kalafut, P. C., and J. Low. 2001. The Value Creation Index: Quantifying Intangible Value. Strategy and Leadership, 29(5), 9-15.
Khanna, T. and K. Palepu. 2000. Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups. The Journal of Finance, 55(2), 867-891.
Kothari, S. P., T. E. Laguerre, and A. J. Leone. 2002. Capitalization Versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures Versus R&D Outlays. Review of Accounting Studies, 7, 355-382.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate Ownership Around the World. Journal of Finance, 54(2), 471-517.
Lanjouw, J. O., and M. Schankerman. 2004. Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators. The Economic Journal, 114(495), 441-465
Lev, B., S. Radhakrishnan, and M. Ciftci. The Stock Market Valuation of R&D Leaders. Working Paper, New York University.
Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization and Value-Relevance of R&D. Journal of Accounting and Economics, 21, 107-138.
Li, D. 2010. Financial Constraints, R&D Investments, and Stock Returns. Working Paper, University of California at San Diego.
Mansfield, E. 1968. Industrial Research and Technological Innovation. New York: Norton.
Matolcsy, Z. P., and A. Wyatt. 2008. The Association between Technological Conditions and the Market Value of Equity. The Accounting Review, 83, 479-518.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management Ownership and Market Valuation : An Empirical Analysis. Journal of Finance Economics, 20, 293-315.
Pandit, S., C. E. Wasley, and T. Zach. 2011. The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing and Finance 26, 121-144.
Qi, D., W. Wu, and H. Zhang. 2000. Shareholding Structure and Corporate Performance of Partially Privatized Firms: Evidence from Listed Chinese Companies. Pacific-Basin Finance Journal, 8, 587-610.
Qian, Y. 1996. Enterprise Reform in China: Agency Problems and Political Control. Economics of Transition, 4(2), 422-447.
Roberts, E. B. 1995. Benchmarking the Strategic Management of Technology. Research Technology Management, 2, 44-56.
Salancik, G. R., and J. Pfeffer. 1980. The Effects of Ownership and Performance on Executive Tenure in U.S. Corporations. Academy of Management Journal, 23, 653-664.
Shleifer, A., and R. Vishny. 1997. A Survey of Corporate Governance. Journal of Finance, 52, 737-783.
Shumpeter, J. 1934. The Theory of Economic Development. Cambridge, Mass: Harvard University Press.
Sun, Q., and H. S. Tong. 2003. China Share Issue Privatization: The Extent of its Success. Journal of Financial Economics, 70, 183-222.
Szewczyk, S., G. Tsetsekos., and Z. Zantout. 1996. The Valuation of Corporate R&D Expenditures: Evidence from Investment Opportunities and Free Cash Flow. Financial Management, 25, 105-110.
Wei, Z., F. Xie, and S. Zhang. 2005. Ownership Structure and Firm Value in China’s Privatized Firms: 1991-2001. Journal of Financial and Quantitative Analysis, 40(1), 87-108
Wolfenzon, D. 1999. A Theory of Pyramidal Ownership. Working Paper, Harvard University. |
| Description: | 碩士
國立政治大學
會計研究所
99353010
100 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0099353010 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 301001.pdf | 998Kb | Adobe PDF2 | 1242 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
