Pacific-Basin Finance Journal, Volume 46, December 2017
中国上市公司的公司创新与政治关联
作者：Qingsong Hou (Huazhong University of Science and Technology, China),
May Hu (Deakin University, Australia),
Yuan Yuan (Deakin University, Australia)
摘要：本文考察了中国政治关联与企业创新之间的关系。研究发现，政治关联阻碍了企业创新活动，降低了创新效率，这也暗示了政治资源诅咒效应的存在对中国企业创新产生了影响。此外，我们发现，政治关联降低了市场竞争，增加了企业的过度投资行为，导致了挤出效应（有限的资源不充分且低效率地分配到企业创新中）。我们还发现，政治关联削弱了企业创新对企业未来业绩的影响。具有专利申请的非政治关联公司比政治关联公司具有更好和更有效的未来业绩表现。本研究为决策者减少政府主导的资源配置，完善市场导向的创新机制，规范政府补贴，使资源配置过程更加透明，使企业技术创新能够带动地区与国家经济增长提供了政策意义。
关键词：公司创新，政治联系，中国
Corporate innovation and political connections in Chinese listed firms
Qingsong Hou (Huazhong University of Science and Technology, China), May Hu (Deakin University, Australia), Yuan Yuan (Deakin University, Australia)
ABSTRACT
This paper examines the relationship between political connections and corporate innovation in China. We find that political connections hinder corporate innovation activities and reduce innovation efficiency, suggesting the existence of political resource curse effect on corporate innovation in Chinese firms. In addition, we find that political connections reduce market competition and increase firms' overinvestments, leading to the crowding out effect with the limited resources insufficiently and inefficiently allocated to corporate innovation in firms. We also find that political connections weaken the impact of corporate innovation on firm future performance. Nonpolitically connected firms with patent applications have better and more effective future business performance than politically connected firms. This study provides policy implications for policy makers to reduce government-led resource allocation, improve market-oriented innovation mechanism, and standardize government subsidies to make the allocation process more transparent, so that corporate technological innovation can lead to the regional and national economic growth.
Keywords: Corporate innovation; Political connections; China
原文链接：
https://www.sciencedirect.com/science/article/pii/S0927538X16302402#!
翻译：施懿
