State ownership and corporate innovative efficiency

被引：79

作者：

Cao, Xiaping ^{[1
]}

Cumming, Douglas ^{[2
,3
]}

Zhou, Sili ^{[4
,5
]}

机构：

[1] Shenzhen Univ, Sch Econ, Shenzhen, Guangdong, Peoples R China

[2] Florida Atlantic Univ, Coll Business, Boca Raton, FL 33431 USA

[3] Univ Birmingham, Birmingham Business Sch, Birmingham, W Midlands, England

[4] Fudan Univ, Fanhai Int Sch Finance, Shanghai, Peoples R China

[5] Fudan Univ, Sch Econ, Shanghai, Peoples R China

来源：

EMERGING MARKETS REVIEW | 2020年 / 44卷

关键词：

State ownership; Innovative efficiency; Financial constraints; POLITICAL INSTABILITY; FINANCIAL CONSTRAINTS; PROPERTY-RIGHTS; CHINA; PERFORMANCE; PRIVATIZATION; CONNECTIONS; INFORMATION; GOVERNANCE; REFORM;

D O I：

10.1016/j.ememar.2020.100699

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we investigate the innovative efficiency of SOEs in China. Innovative efficiency refers to output of patents per dollar spending of R&D expenditure. The data indicate that minority SOEs are substantially more innovatively efficient than non-SOEs and majority SOEs. The relative innovative efficiency of minority SOEs is more pronounced among firms with high financial constraints. The data are consistent with the view that, in the Chinese context, there are favorable benefits to partial state ownership through access to talent, connections, and technological resources that enable efficient patent outcomes from R&D expenditure.

引用

页数：19

共 40 条

[1] Law, finance, and economic growth in China [J].

Allen, F ;

Qian, J ;

Qian, MJ .

JOURNAL OF FINANCIAL ECONOMICS, 2005, 77 (01) :57-116

[2]

Ang J., 2016, REV EC STAT, V96, P332

[3] Do political connections matter in accessing capital markets? Evidence from China [J].

Bao, Xiaolu ;

Johan, Sofia ;

Kutsuna, Kenji .

EMERGING MARKETS REVIEW, 2016, 29 :24-41

[4] Soft budget constraints and banking in transition economies [J].

Berglof, E ;

Roland, G .

JOURNAL OF COMPARATIVE ECONOMICS, 1998, 26 (01) :18-40

[5] Recasting the Iron Rice Bowl: The Reform of China's State-Owned Enterprises [J].

Berkowitz, Daniel ;

Ma, Hong ;

Nishioka, Shuichiro .

REVIEW OF ECONOMICS AND STATISTICS, 2017, 99 (04) :735-747

[6] Bank discrimination in transition economies: ideology, information, or incentives? [J].

Brandt, L ;

Li, HB .

JOURNAL OF COMPARATIVE ECONOMICS, 2003, 31 (03) :387-413

[7] Political Promotion, CEO Incentives, and the Relationship Between Pay and Performance [J].

Cao, Xiaping ;

Lemmon, Michael ;

Pan, Xiaofei ;

Qian, Meijun ;

Tian, Gary .

MANAGEMENT SCIENCE, 2019, 65 (07) :2947-2965

[8] Insecure property rights and government ownership of firms [J].

Che, JH ;

Qian, YY .

QUARTERLY JOURNAL OF ECONOMICS, 1998, 113 (02) :467-496

[9] Misvaluing Innovation [J].

Cohen, Lauren ;

Diether, Karl ;

Malloy, Christopher .

REVIEW OF FINANCIAL STUDIES, 2013, 26 (03) :635-666

[10] Political instability, access to private debt, and innovation investment in China [J].

Cumming, Douglas ;

Rui, Oliver ;

Wu, Yiping .

EMERGING MARKETS REVIEW, 2016, 29 :68-81

← 1 2 3 4 →