境外居留权、控制方式与研发国际化——来自中国创业板和中小板上市公司的经验证据
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摘要
文章以2007—2015年中国创业板和中小板上市公司为样本,考察上市公司的实际控制人取得境外居留权对研发国际化(以公司建立海外研发中心来衡量)的影响。实证结果显示,上市公司实际控制人境外居留权能够带来积极的经济后果,对上市公司海外研发具有显著正向影响,且这一效应在实际控制人直接控制上市公司的样本中,在行业竞争激烈的情况下,更为显著。文章拓展了实际控制人取得境外居留权的经济后果研究,深化了实际控制人个人特征影响公司治理的研究,同时也有助于企业利用各项资源开展海外研发,提升公司竞争力。
This paper selects SME(Small and Medium-sized Enterprise)and GEM(Growth Enterprise Market)as samples to examine the relationship between actual controller's foreign residency right and the overseas R&D(measured by establishment of overseas R&D Center).We find that firms' actual controller's foreign residency right significantly enhances the overseas R&D development,and that the positive effect is more significant in the subsample where the controller directly controls the company,and in the areas where the marketization is more matured and industrial competitiveness is more incentive.This paper expands the research on economic consequences of actual controllers' foreign residency right,deepens the research on the effects of personal characteristics of actual controllers on corporate governance,and promotes motivations for firms to take full advantage of resources to develop overseas R&D and improve the international competitiveness.
This paper selects SME(Small and Medium-sized Enterprise)and GEM(Growth Enterprise Market)as samples to examine the relationship between actual controller's foreign residency right and the overseas R&D(measured by establishment of overseas R&D Center).We find that firms' actual controller's foreign residency right significantly enhances the overseas R&D development,and that the positive effect is more significant in the subsample where the controller directly controls the company,and in the areas where the marketization is more matured and industrial competitiveness is more incentive.This paper expands the research on economic consequences of actual controllers' foreign residency right,deepens the research on the effects of personal characteristics of actual controllers on corporate governance,and promotes motivations for firms to take full advantage of resources to develop overseas R&D and improve the international competitiveness.
引文
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[3]李梅,余天骄.研发国际化是否促进了企业创新---基于中国信息技术企业的经验研究[J].管理世界,2016(11):125-140.
[4]CANTWELL J.The globalisation of technology:What remains of the product cycle model?[J].Cambridge Journal of Economics,1995,19(1):155-174.
[5]FURNHAM A.Expatriate stress:The problem of living abroad[M].New York:Wiley,1990.
[6]HANSON G H,MCINTOSH C.The demography of Mexican migration to the United States[J].American Economic Review,2009,99(2):22-27.
[7]CHEN D,CHEN Y,LI O Z,et al.Capitalism’s original Sin and China’s fleeing entrepreneurs-foreign residency rights and corporate frauds[R].Working Paper,2013.
[8]张胜,魏汉泽,李常安.实际控制人居留权特征与企业税收规避---基于我国民营上市公司的经验证据[J].会计研究,2016(4):77-84,96.
[9]刘行,梁娟,建蕾.实际控制人的境外居留权会使民营企业更多避税吗?[J].财经研究,2016(9):133-144.
[10]金智,阳雪.逃离质疑下的绑定机制与代价:境外居留权与公司审计[C]//中国会计学会财务成本分会2015学术年会暨第28次理论研讨会论文集,2015.
[11]梁娟.实际控制人的境外居留权对审计费用影响的实证研究[J].中央财经大学学报,2015(3):55-61.
[12]HKANSON L,Nobel R.Determinants of foreign R&D in Swedish multinationals[J].Research Policy,1993,22(5/6):397-411.
[13]SERAPIO M G,DALTON D H.Globalization of industrial R&D:An examination of foreign direct investments in R&D in the United States[J].Research Policy,1999,28(2/3):303-316.
[14]陈劲,景劲松,周笑磊.我国企业R&D国际化的影响因素分析[J].科学学研究,2003(1):51-57.
[15]陈岩,徐慧慧,景木南,等.多维政府参与、企业动态能力与海外研发---基于中国创新型企业的实证研究[J].科研管理,2015(S1):127-138.
[16]吕蕊,郭莲.民营企业研发国际化对西部企业的启示[J].开发研究,2015(5):161-164.
[17]GASSMANN O,ZEDTWITZ M V.New concepts and trends in international R&D organization[J].Research Policy,1999,28(2/3):231-250.
[18]冯德连.研发国际化趋势下我国技术创新模式的选择[J].财贸经济,2007(4):41-46.
[19]吕萍,杨震宁,王以华.我国高新技术企业研发国际化的发展与现状[J].中国软科学,2008(4):109-116.
[20]杨震宁,李东红,王以华.中国企业研发国际化:动因、结构和趋势[J].南开管理评论,2010(4):44-55.
[21]刘志强,陶攀.研发强度、集聚经济与企业生产率[J].重庆大学学报(社会科学版),2013(6):15-23.
[22]DUNNING J H.Multinational enterprises and the globalization of innovatory capacity[J].Research Policy,1994,23(1):67-88.
[23]MANSFIELD E,TEECE D,ROMEO A.Overseas research and development by US-based firms[J].International Executive,1980,22(1):10-12.
[24]PENNER-HAHN J,SHAVER J M.Does international research and development increase patent output?An analysis of Japanese pharmaceutical firms[J].Strategic Management Journal,2005,26(2):121-140.
[25]曾德明,刘珊珊,李健.企业研发国际化及网络位置对创新绩效影响研究---基于中国汽车产业上市公司的分析[J].软科学,2014(12):1-5.
[26]李梅,余天骄.海外研发投资与母公司创新绩效---基于企业资源和国际化经验的调节作用[J].世界经济研究,2016(8):101-113,134.
[27]徐晨,吕萍.创新国际化行为对创新绩效的影响研究[J].管理评论,2013(9):40-50.
[28]KUEMMERLE W.The drivers of foreign direct investment into research and development:An empirical investigation[J].Journal of International Business Studies,1999,30(1):1-24.
[29]喻世友,万欣荣,史卫.论跨国公司R&D投资的国别选择[J].管理世界,2004(1):46-54,61.
[30]陈衍泰,李欠强,王丽,等.中国企业海外研发投资区位选择的影响因素---基于东道国制度质量的调节作用[J].科研管理,2016(3):73-80.
[31]JOHANSON J,VAHLNE J E.The internationalization process of the firm-a model of knowledge development and increasing foreign market commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[32]GUL F A,KIM J B,QIU A A.Ownership concentration,foreign shareholding,audit quality,and stock price synchronicity:Evidence from China[J].Journal of Financial Economics,2010,95(3):425-442.
[33]CLAESSENS S,DJANKOV S,FAN J P H,et al.Disentangling the incentive and entrenchment effects of large shareholdings[J].Journal of Finance,2002,57(6):2741-2771.
[34]SHLEIFER A,VISHNY R W.Large shareholders and corporate control[J].Journal of Political Economy,1986,94(3):461-488.
[35]邵帅,吕长江.实际控制人直接持股可以提升公司价值吗?---来自中国民营上市公司的证据[J].管理世界,2015(5):134-146,188.
[36]SCHUMPETER J A.Capitalism,socialism and democracy[M].London:Harper&Brother,1942.
[37]IWASA T,ODAGIRI H.Overseas R&D,knowledge sourcing,and patenting:An empirical study of Japanese R&D investment in the US[J].Research Policy,2004,33(5):807-828.
[38]HSU C W,LIEN Y C,CHEN H.R&D internationalization and innovation performance[J].International Business Review,2015,24(2):187-195.
[39]钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究---基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.
[40]AGHION P,BLOOM N,BLUNDELL R,et al.Competition and innovation:An inverted-U relationship[J].The Quarterly Journal of Economics,2005,120(2):701-728.
(1)其中,研发国际化与企业创新绩效关系研究作为一项重点研究问题不断深入,主要表现为海外研发是否能充分利用国际技术资源促进企业创新,提升创新绩效,以及对两者间起重要调节作用的变量研究。同时有关研发国际化的动因及实现途径也有相关研究。
[2]肖金泉.机遇与挑战:中国公司海外并购的风险与防范[M].北京:法律出版社,2012:13-15.
[3]李梅,余天骄.研发国际化是否促进了企业创新---基于中国信息技术企业的经验研究[J].管理世界,2016(11):125-140.
[4]CANTWELL J.The globalisation of technology:What remains of the product cycle model?[J].Cambridge Journal of Economics,1995,19(1):155-174.
[5]FURNHAM A.Expatriate stress:The problem of living abroad[M].New York:Wiley,1990.
[6]HANSON G H,MCINTOSH C.The demography of Mexican migration to the United States[J].American Economic Review,2009,99(2):22-27.
[7]CHEN D,CHEN Y,LI O Z,et al.Capitalism’s original Sin and China’s fleeing entrepreneurs-foreign residency rights and corporate frauds[R].Working Paper,2013.
[8]张胜,魏汉泽,李常安.实际控制人居留权特征与企业税收规避---基于我国民营上市公司的经验证据[J].会计研究,2016(4):77-84,96.
[9]刘行,梁娟,建蕾.实际控制人的境外居留权会使民营企业更多避税吗?[J].财经研究,2016(9):133-144.
[10]金智,阳雪.逃离质疑下的绑定机制与代价:境外居留权与公司审计[C]//中国会计学会财务成本分会2015学术年会暨第28次理论研讨会论文集,2015.
[11]梁娟.实际控制人的境外居留权对审计费用影响的实证研究[J].中央财经大学学报,2015(3):55-61.
[12]HKANSON L,Nobel R.Determinants of foreign R&D in Swedish multinationals[J].Research Policy,1993,22(5/6):397-411.
[13]SERAPIO M G,DALTON D H.Globalization of industrial R&D:An examination of foreign direct investments in R&D in the United States[J].Research Policy,1999,28(2/3):303-316.
[14]陈劲,景劲松,周笑磊.我国企业R&D国际化的影响因素分析[J].科学学研究,2003(1):51-57.
[15]陈岩,徐慧慧,景木南,等.多维政府参与、企业动态能力与海外研发---基于中国创新型企业的实证研究[J].科研管理,2015(S1):127-138.
[16]吕蕊,郭莲.民营企业研发国际化对西部企业的启示[J].开发研究,2015(5):161-164.
[17]GASSMANN O,ZEDTWITZ M V.New concepts and trends in international R&D organization[J].Research Policy,1999,28(2/3):231-250.
[18]冯德连.研发国际化趋势下我国技术创新模式的选择[J].财贸经济,2007(4):41-46.
[19]吕萍,杨震宁,王以华.我国高新技术企业研发国际化的发展与现状[J].中国软科学,2008(4):109-116.
[20]杨震宁,李东红,王以华.中国企业研发国际化:动因、结构和趋势[J].南开管理评论,2010(4):44-55.
[21]刘志强,陶攀.研发强度、集聚经济与企业生产率[J].重庆大学学报(社会科学版),2013(6):15-23.
[22]DUNNING J H.Multinational enterprises and the globalization of innovatory capacity[J].Research Policy,1994,23(1):67-88.
[23]MANSFIELD E,TEECE D,ROMEO A.Overseas research and development by US-based firms[J].International Executive,1980,22(1):10-12.
[24]PENNER-HAHN J,SHAVER J M.Does international research and development increase patent output?An analysis of Japanese pharmaceutical firms[J].Strategic Management Journal,2005,26(2):121-140.
[25]曾德明,刘珊珊,李健.企业研发国际化及网络位置对创新绩效影响研究---基于中国汽车产业上市公司的分析[J].软科学,2014(12):1-5.
[26]李梅,余天骄.海外研发投资与母公司创新绩效---基于企业资源和国际化经验的调节作用[J].世界经济研究,2016(8):101-113,134.
[27]徐晨,吕萍.创新国际化行为对创新绩效的影响研究[J].管理评论,2013(9):40-50.
[28]KUEMMERLE W.The drivers of foreign direct investment into research and development:An empirical investigation[J].Journal of International Business Studies,1999,30(1):1-24.
[29]喻世友,万欣荣,史卫.论跨国公司R&D投资的国别选择[J].管理世界,2004(1):46-54,61.
[30]陈衍泰,李欠强,王丽,等.中国企业海外研发投资区位选择的影响因素---基于东道国制度质量的调节作用[J].科研管理,2016(3):73-80.
[31]JOHANSON J,VAHLNE J E.The internationalization process of the firm-a model of knowledge development and increasing foreign market commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[32]GUL F A,KIM J B,QIU A A.Ownership concentration,foreign shareholding,audit quality,and stock price synchronicity:Evidence from China[J].Journal of Financial Economics,2010,95(3):425-442.
[33]CLAESSENS S,DJANKOV S,FAN J P H,et al.Disentangling the incentive and entrenchment effects of large shareholdings[J].Journal of Finance,2002,57(6):2741-2771.
[34]SHLEIFER A,VISHNY R W.Large shareholders and corporate control[J].Journal of Political Economy,1986,94(3):461-488.
[35]邵帅,吕长江.实际控制人直接持股可以提升公司价值吗?---来自中国民营上市公司的证据[J].管理世界,2015(5):134-146,188.
[36]SCHUMPETER J A.Capitalism,socialism and democracy[M].London:Harper&Brother,1942.
[37]IWASA T,ODAGIRI H.Overseas R&D,knowledge sourcing,and patenting:An empirical study of Japanese R&D investment in the US[J].Research Policy,2004,33(5):807-828.
[38]HSU C W,LIEN Y C,CHEN H.R&D internationalization and innovation performance[J].International Business Review,2015,24(2):187-195.
[39]钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究---基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.
[40]AGHION P,BLOOM N,BLUNDELL R,et al.Competition and innovation:An inverted-U relationship[J].The Quarterly Journal of Economics,2005,120(2):701-728.
(1)其中,研发国际化与企业创新绩效关系研究作为一项重点研究问题不断深入,主要表现为海外研发是否能充分利用国际技术资源促进企业创新,提升创新绩效,以及对两者间起重要调节作用的变量研究。同时有关研发国际化的动因及实现途径也有相关研究。
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