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題名 外資投資決策與創新效率-以中國上市公司為例
Foreign investment decisions and innovative efficiency: evidence from China
作者 李柏廷
貢獻者 詹凌菁
李柏廷
關鍵詞 專利權
創新效率
外資投資
股權結構
新興國家
Patents
Innovative Efficiency
Foreign Shares
Ownership Structures
Emerging Countries
日期 2011
上傳時間 30-Oct-2012 11:43:17 (UTC+8)
摘要 企業的創新已經進入到應用專利權進行策略佈局的階段，因此綜合研發投入和專利產出的創新效率便成為關注企業競爭力的重要指標。而影響創新效率的關鍵在於企業決策者的策略意圖，但由於新興國家法規體制尚不完備，與決策者相關的公司治理因素成為創新效率的核心議題。為深入瞭解其中的連結，本研究以中國的上市公司為研究對象，並從外資投資者的角度探討股權結構與創新效率之間的關係。研究結果發現外資股對於創新效率有正向影響，若與國有股同時存在，原有的正向影響則會減弱；但當國有股私有化的程度愈高，外資股所受的干擾降低，對創新效率的正向影響便愈大；另外法人股的存在則更能增進外資股提升企業的創新效率。
Nowadays, enterprises regard patents as a key strategy to enhance its innovation capability. Therefore, innovative efficiency (IE), measured as the relation between R&D expenditures and patents granted, becomes an important index to observe corporate competitiveness. Ownership structures could affect the outcome of IE as shareholders are ultimate decision makers. However, this may be a more serious issue in emerging countries, as they generally have weak legal environments and shareholders do not fully understand the details of firms’ innovation efforts. This study explores this issue based on a sample of Chinese listed companies and examines the extent to which ownership structures, especially foreign shareholders, are associated with the IE of publicly listed firms in China. The results indicate that IE is positively associated with the foreign shareholdings, while this relation turns negative when there are state shareholdings. As state shareholding have negative effects on IE and could interfere the role of foreign shareholdings in improving a company’s innovation activities, the results also suggest that the level of state shareholding privatization improves the association between IE and foreign shareholding. Moreover, the relation between IE and the foreign shareholding is more pronounced if institutional shareholdings exist.
參考文獻 一、 中文部分
天下雜誌，2010.10，中國專利申請即將超過日本，第457期。
中國證券監督管理委員會，2008，中國資本市場發展報告，中國金融。
金成隆、陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第1期
：99-124。
商業周刊，2011.8.29，專利八國聯軍圍攻台灣，第1240期。
二、 英文部分
Acs, Z. J., L. Anselin, and A. Varga. 2002. Patents and Innovation Counts as Measures
of Regional Production of New Knowledge. Research Policy, 31(7), 1069-1085.
Aghion, P., J. V. Reenen, and L. Zingales. 2009. Innovation and Institutional Ownership. Discussion Paper, No. 7195, CEPR.
Alchain, A. A., and H. Demsetz. 1972. Production, Information Costs, and Economic Organization. American Economic Review, 62, 777-795.
Baysinger, B. D., and R. E. Hoskisson. 1989. Diversification Strategy and R&D Intensity in Multiproduct Firms. Academy of Management Journal, 32(2), 310-332.
Baysinger, B. D., R. D. Kosnik, and T. A. Turk. 1991. Effects of Board and Ownership Structure on Corporate R&D Strategy. Academy of Management Journal, 34(1), 205-214.
Berle, A., and G. Means. 1932. The Modern Corporation and Private Property. New York, NY: Mac-Millan.
Chambers, D., R. Jennings, and R. B. Tompson II. 2002. Excess Returns to R&D-Intensive Firms. Review of Accounting Studies, 7, 133-158.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56, 2431-2456.
Chan, S. H., J. Martin, and J. Kensinger. 1990. Corporate Research and Development Expenditures and Share Value. Journal of Financial Economics, 26, 255-276.
Chen, G., M. Firth, and O. Rui. 2006. Have China’s Enterprise Reforms Led to Improved Efficiency and Profitability? Emerging Markets Review, 7(1), 82-109.
Chin, C. L., H. Y. Chi, and H. J. Lee. 2009. Chinese Ownership Structures and Innovation Performances. Journal of Management, 26(1), 17-33.
Chin, C. L., P. Lee, H. Y. Chi, and A. Anandarajan. 2006. Patent Citation, R&D Spillover, and Tobin’s Q: Evidence from Taiwan Semiconductor Industry. Review of Quantitative Finance and Accounting, 26, 67-84.
Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The Journal of Finance, 57(6), 2741-2771.
Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
Connolly, R. A., and M. Hirschey. 1988. Market Value and Patents: A Bayesian Approach. Economics Letters, 27, 83-87.
Cubbin, J., and D. Leech. 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. Economic Journal, 93, 351-369.
Daniel, K., and S. Titman. 2006. Market Reactions to Tangible and Intangible Information. The Journal of Finance, 61(4), 1605-1643.
Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of Stock Performance. Financial Analysis Journal, 55(3), 20-32.
Drucker, P. F. 1998. The Discipline of Innovation. Harvard Business Review, 98604.
Eberhart, A. C., W. F. Maxwell, and A. R. Siddique. 2004. An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases. Journal of Finance 59, 623-650.
Eng, L. L., and M. Shackell. 2001. The Impact of Long-run Performance Plans and Institutional Ownership for Firms Research and Development Expenditures. Journal of Accounting, Auditing, and Finance, 16(2), 117-139.
Fan, P. H., and T. J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33, 401-425.
Francis, J., and A. Smith. 1995. Agency Costs and Innovation: Some Empirical Evidence. Journal of Accounting and Economics, 19, 383-409.
Graves, S. A., and S. A. Waddock. 1990. Institutional Ownership and Control: Implications for Long-term Corporate Strategy. Academy of Management Executive, 4, 75-83.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature, 28, 1661-1707.
Griliches, Z., B. H. Hall, and A. Pakes. 1998. R&D, Patent and Markets Value Revisited: Is There a Second (Technological Opportunity) Factor. Working Paper, No.2642, NBER.
Grossman, S. J., and O. D. Hart. 1988. One Share/ One Vote and the Market for Corporate Control. Journal of Financial Economics, 20, 175-202.
Gu, F. 2005. Innovation, Future Earnings, and Market Efficiency. Journal of Accounting, Auditing and Finance 20, 385-418.
Hall, B. H., A. B. Jaffe, and M. Trajtenberg. 2001. The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools. Working Paper, NBER.
Hall, B. H., and R. H. Ziedonis. 2001. The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. RAND Journal of Economics, 32(1), 101-128.
Harris, M., and A. Raviv. 1988. Corporate Governance: Voting Rights and Majority Rules. Journal of Financial Economics, 20, 203-235.
Hay, D. A., and D. J. Morris. 1979. Industrial Economics: Theory and Evidence. Oxford, U. K.: Oxford University Press.
Hill, C. W. L., and S. A. Snell. 1989. Effects of Ownership Structure and Control on Corporate Productivity. Academy of Management Journal, 32(1), 5-46.
Hirschey, M., V. J. Richardson, and S. Scholz. 2001. Value Relevance of Nonfinancial Information: The Case of Patent Data. Review of Quantitative Finance and Accounting, 17, 223-235.
Hirshleifer, D., P. H. Hsu, and D. Li. 2011. Innovative Efficiency and Stock Returns. Working paper.
Holderness, C. G., and D. P. Sheehan. 1988. The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis. Journal of Financial Economics, 20, 317-346.
Holmstrom, B. 1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization, 12(3), 305-327.
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Khanna, T. and K. Palepu. 2000. Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups. The Journal of Finance, 55(2), 867-891.
Kothari, S. P., T. E. Laguerre, and A. J. Leone. 2002. Capitalization Versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures Versus R&D Outlays. Review of Accounting Studies, 7, 355-382.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate Ownership Around the World. Journal of Finance, 54(2), 471-517.
Lanjouw, J. O., and M. Schankerman. 2004. Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators. The Economic Journal, 114(495), 441-465
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Pandit, S., C. E. Wasley, and T. Zach. 2011. The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing and Finance 26, 121-144.
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Wolfenzon, D. 1999. A Theory of Pyramidal Ownership. Working Paper, Harvard University.
描述 碩士
國立政治大學
會計研究所
99353010
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353010
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 李柏廷zh_TW
dc.creator (作者) 李柏廷zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 11:43:17 (UTC+8)-
dc.date.available 30-Oct-2012 11:43:17 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 11:43:17 (UTC+8)-
dc.identifier (Other Identifiers) G0099353010en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54753-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 99353010zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 企業的創新已經進入到應用專利權進行策略佈局的階段，因此綜合研發投入和專利產出的創新效率便成為關注企業競爭力的重要指標。而影響創新效率的關鍵在於企業決策者的策略意圖，但由於新興國家法規體制尚不完備，與決策者相關的公司治理因素成為創新效率的核心議題。為深入瞭解其中的連結，本研究以中國的上市公司為研究對象，並從外資投資者的角度探討股權結構與創新效率之間的關係。研究結果發現外資股對於創新效率有正向影響，若與國有股同時存在，原有的正向影響則會減弱；但當國有股私有化的程度愈高，外資股所受的干擾降低，對創新效率的正向影響便愈大；另外法人股的存在則更能增進外資股提升企業的創新效率。zh_TW
dc.description.abstract (摘要) Nowadays, enterprises regard patents as a key strategy to enhance its innovation capability. Therefore, innovative efficiency (IE), measured as the relation between R&D expenditures and patents granted, becomes an important index to observe corporate competitiveness. Ownership structures could affect the outcome of IE as shareholders are ultimate decision makers. However, this may be a more serious issue in emerging countries, as they generally have weak legal environments and shareholders do not fully understand the details of firms’ innovation efforts. This study explores this issue based on a sample of Chinese listed companies and examines the extent to which ownership structures, especially foreign shareholders, are associated with the IE of publicly listed firms in China. The results indicate that IE is positively associated with the foreign shareholdings, while this relation turns negative when there are state shareholdings. As state shareholding have negative effects on IE and could interfere the role of foreign shareholdings in improving a company’s innovation activities, the results also suggest that the level of state shareholding privatization improves the association between IE and foreign shareholding. Moreover, the relation between IE and the foreign shareholding is more pronounced if institutional shareholdings exist.en_US
dc.description.tableofcontents 目錄 I
表目錄 II
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第二章 文獻探討 5
第一節 創新 5
第二節 公司治理 13
第三節 創新與公司治理的關聯性研究 21
第三章 研究設計 25
第一節 研究假說 25
第二節 樣本選取與資料來源 31
第三節 研究變數之設計 32
第四節 實證模型與研究方法 39
第四章 實證結果與分析 43
第一節 敘述性統計分析 43
第二節 相關係數分析 52
第三節 迴歸結果與分析 56
第四節 額外測試 69
第五章 研究結論與建議 75
第一節 研究結論 75
第二節 研究建議 77
參考文獻 78


表目錄
表1 變數定義與預期符號彙總表 38
表2 專利權年度分布 45
表3 樣本公司與專利權之產業分布 46
表4 各產業樣本公司之年度分布 47
表5 管理費用與創新效率各年度平均值 48
表6 各類股權平均持股比例之年度分布 49
表7 實證模型各變數之敘述統計量 51
表8 迴歸變數之相關係數矩陣分析 54
表9 外資股是否對創新效率有正面影響之迴歸結果 59
表10 外資股持股比例與創新效率之迴歸結果 60
表11 外資股因國有股的干擾而減弱對創新效率的正面影響之迴歸結果 64
表12 外資股與創新效率的關係受國有股私有化程度影響之迴歸結果 65
表13 法人股是否增進外資股在創新效率的影響之迴歸結果 68
表14 外資股是否對創新效率有正面影響之迴歸結果－以小樣本的研發費用衡量創新效率 73
表15 外資股持股比例與創新效率之迴歸結果－以小樣本的研發費用衡量創新效率 74		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353010en_US
dc.subject (關鍵詞) 專利權zh_TW
dc.subject (關鍵詞) 創新效率zh_TW
dc.subject (關鍵詞) 外資投資zh_TW
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) 新興國家zh_TW
dc.subject (關鍵詞) Patentsen_US
dc.subject (關鍵詞) Innovative Efficiencyen_US
dc.subject (關鍵詞) Foreign Sharesen_US
dc.subject (關鍵詞) Ownership Structuresen_US
dc.subject (關鍵詞) Emerging Countriesen_US
dc.title (題名) 外資投資決策與創新效率-以中國上市公司為例zh_TW
dc.title (題名) Foreign investment decisions and innovative efficiency: evidence from Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、 中文部分
天下雜誌，2010.10，中國專利申請即將超過日本，第457期。
中國證券監督管理委員會，2008，中國資本市場發展報告，中國金融。
金成隆、陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第1期
：99-124。
商業周刊，2011.8.29，專利八國聯軍圍攻台灣，第1240期。
二、 英文部分
Acs, Z. J., L. Anselin, and A. Varga. 2002. Patents and Innovation Counts as Measures
of Regional Production of New Knowledge. Research Policy, 31(7), 1069-1085.
Aghion, P., J. V. Reenen, and L. Zingales. 2009. Innovation and Institutional Ownership. Discussion Paper, No. 7195, CEPR.
Alchain, A. A., and H. Demsetz. 1972. Production, Information Costs, and Economic Organization. American Economic Review, 62, 777-795.
Baysinger, B. D., and R. E. Hoskisson. 1989. Diversification Strategy and R&D Intensity in Multiproduct Firms. Academy of Management Journal, 32(2), 310-332.
Baysinger, B. D., R. D. Kosnik, and T. A. Turk. 1991. Effects of Board and Ownership Structure on Corporate R&D Strategy. Academy of Management Journal, 34(1), 205-214.
Berle, A., and G. Means. 1932. The Modern Corporation and Private Property. New York, NY: Mac-Millan.
Chambers, D., R. Jennings, and R. B. Tompson II. 2002. Excess Returns to R&D-Intensive Firms. Review of Accounting Studies, 7, 133-158.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56, 2431-2456.
Chan, S. H., J. Martin, and J. Kensinger. 1990. Corporate Research and Development Expenditures and Share Value. Journal of Financial Economics, 26, 255-276.
Chen, G., M. Firth, and O. Rui. 2006. Have China’s Enterprise Reforms Led to Improved Efficiency and Profitability? Emerging Markets Review, 7(1), 82-109.
Chin, C. L., H. Y. Chi, and H. J. Lee. 2009. Chinese Ownership Structures and Innovation Performances. Journal of Management, 26(1), 17-33.
Chin, C. L., P. Lee, H. Y. Chi, and A. Anandarajan. 2006. Patent Citation, R&D Spillover, and Tobin’s Q: Evidence from Taiwan Semiconductor Industry. Review of Quantitative Finance and Accounting, 26, 67-84.
Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The Journal of Finance, 57(6), 2741-2771.
Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
Connolly, R. A., and M. Hirschey. 1988. Market Value and Patents: A Bayesian Approach. Economics Letters, 27, 83-87.
Cubbin, J., and D. Leech. 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. Economic Journal, 93, 351-369.
Daniel, K., and S. Titman. 2006. Market Reactions to Tangible and Intangible Information. The Journal of Finance, 61(4), 1605-1643.
Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of Stock Performance. Financial Analysis Journal, 55(3), 20-32.
Drucker, P. F. 1998. The Discipline of Innovation. Harvard Business Review, 98604.
Eberhart, A. C., W. F. Maxwell, and A. R. Siddique. 2004. An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases. Journal of Finance 59, 623-650.
Eng, L. L., and M. Shackell. 2001. The Impact of Long-run Performance Plans and Institutional Ownership for Firms Research and Development Expenditures. Journal of Accounting, Auditing, and Finance, 16(2), 117-139.
Fan, P. H., and T. J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33, 401-425.
Francis, J., and A. Smith. 1995. Agency Costs and Innovation: Some Empirical Evidence. Journal of Accounting and Economics, 19, 383-409.
Graves, S. A., and S. A. Waddock. 1990. Institutional Ownership and Control: Implications for Long-term Corporate Strategy. Academy of Management Executive, 4, 75-83.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature, 28, 1661-1707.
Griliches, Z., B. H. Hall, and A. Pakes. 1998. R&D, Patent and Markets Value Revisited: Is There a Second (Technological Opportunity) Factor. Working Paper, No.2642, NBER.
Grossman, S. J., and O. D. Hart. 1988. One Share/ One Vote and the Market for Corporate Control. Journal of Financial Economics, 20, 175-202.
Gu, F. 2005. Innovation, Future Earnings, and Market Efficiency. Journal of Accounting, Auditing and Finance 20, 385-418.
Hall, B. H., A. B. Jaffe, and M. Trajtenberg. 2001. The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools. Working Paper, NBER.
Hall, B. H., and R. H. Ziedonis. 2001. The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995. RAND Journal of Economics, 32(1), 101-128.
Harris, M., and A. Raviv. 1988. Corporate Governance: Voting Rights and Majority Rules. Journal of Financial Economics, 20, 203-235.
Hay, D. A., and D. J. Morris. 1979. Industrial Economics: Theory and Evidence. Oxford, U. K.: Oxford University Press.
Hill, C. W. L., and S. A. Snell. 1989. Effects of Ownership Structure and Control on Corporate Productivity. Academy of Management Journal, 32(1), 5-46.
Hirschey, M., V. J. Richardson, and S. Scholz. 2001. Value Relevance of Nonfinancial Information: The Case of Patent Data. Review of Quantitative Finance and Accounting, 17, 223-235.
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