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Description资本市场开放是新兴市场国家经济发展和金融体系完善的重要举措，本研究探讨了中国沪深港通制度如何影响企业研发支出，以及在高管持股、境内机构持股、契约环境和行业竞争程度的不同水平下，沪深港通制度对企业创新投入影响效果的差异。基于DID双重差分模型和中国A股上市公司数据，本研究验证了沪深港通制度的实施能有效提高企业的研发支出水平，并且在控制企业资产规模和收入规模后，该正向影响依然显著。另外，对于高管持股比例较高、境内机构持股比例较低、契约环境水平较高和行业竞争程度较弱的企业，其研发支出受沪深港通制度的提升激励作用更强。因为高管持股比例高，企业内部管理者能获得更多的创新收益，创新意愿将更强。契约环境水平越高意味着创新资源越充足，公平竞争的市场环境越有效，也会激发企业的创新行为。行业竞争程度较弱的企业，沪深港通制度的引入能激励企业打造长期竞争优势，缓解由缺乏外部竞争而导致的创新动力不足。另外，本研究还进一步分析了由调节变量交互产生的双重调节效应。发现高管持股水平与契约环境水平正向调节沪深港通的积极作用，而与市场竞争程度负向调节。高管持股水平与境内金融机构持股、契约环境水平与行业竞争程度均正向调节沪深港通的积极作用。最重要的是，契约环境是其中最关键的影响因素，良好的契约环境水平有助于强化股权激励、金融机构持股以及市场竞争的作用。
总体来看，沪深港通制度引入了较为成熟的境外投资者，提高了监督作用的同时扩散了鼓励创新的经营理念，能有效缓解企业创新面临的融资约束、信息不对称、创新认知和意愿不足的问题，从而激励企业增加创新投入。本研究验证了沪深港通制度对企业研发支出的正向影响，并且分析了多种内外部情境因素下该影响的差异性。丰富了资本市场开放对企业微观行为影响与机制，一定程度拓展了资本市场开放与企业创新等研究的理论边界。
ContributorsXie, Mingru (Author) / Pei, Ker-Wei (Thesis advisor) / Sun, Jianfei (Thesis advisor) / Shi, Weilei (Committee member) / Arizona State University (Publisher)
Created2022
Description
Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to provide incentives such as subsidies on R&D investments, given that R&D investments are critical to the development of new technologies and the sustainable growth of the economy.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
ContributorsYang, Guisheng (Author) / Hwang, Yuhchang (Thesis advisor) / Wang, Tan (Committee member) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2015