دانلود رایگان مقاله هزینه تحقیق و توسعه مالکیت نهایی و عملکرد آینده شواهد از چین

abstract

This study examines the relationship between R&D expenditures and future performance, as well as the moderating effects of ultimate ownership on the relationship. Using a sample of 772 Chinese listed firms from 2007 to 2012, this study shows that R&D expenditures are positively related to firms' future performance and that the R&D expenditures of SOEs lead to better future performance than those of non-SOEs. In addition, the results also reveal that voting rights of ultimate owners positively moderate the R&D-performance relationship. We also adopt fuzzy-set Qualitative Comparative Analysis (fsQCA) to reveal the interdependent and interrelated nature of the explanatory predictors of future performance. The results of fsQCA further indicate that large-sized SOEs with concentrated ownership could attain higher future performance on R&D investments if there are more patent applications and capital and operating spending. These findings complement the R&D performance literature by simultaneously considering the combinatory effect of ultimate ownership and control ability.

6. Conclusion

The relationship between R&D and firms' future performance has been studied extensively. Recent studies have highlighted the importance of contextual factors as moderators, especially in the Chinese context. Motivated by a large number of studies in China, this study investigates the moderating effects of ownership structure and voting rights on the relationship between R&D expenditures and future performance. Using a sample of 772 firm-year observations from 2007 to 2012, our empirical results show a positive influence of state ownership on the relationship between R&D investments and future performance. With regard to credit, liquidity or costs of capital, SOEs benefit from their connections with government via state ownership. The close connection with government also helps SOEs to acquire advanced technologies, managerial expertise and scientific talent (Wang et al., 2015), and improve the efficiency of R&D resources. SOEs also have easier access to domestic government procurement markets that contribute to the commercialization of R&D activities.