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。
Using a hand-collected sample of R＆D data and political connections data of key managers underlying Chinese pub- lic 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 corpo- rate 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 persis- tent performance.
出处
《投资研究》
北大核心
2012年第1期57-70,共14页
Review of Investment Studies
基金
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
关键词
寻租
R&D
公司业绩
Rent-Seeking, R＆D, Corporate Performance
