【作者】 杜兴强； 曾泉； 王亚男；

【Author】 DU Xing-qiang,Zeng Quan,Wang Ya-nan(School of Management,Xiamen University,Xiamen,Fujian,361005)

【机构】 厦门大学管理学院；

【摘要】 本文手工搜集了2005-2009年中国民营上市公司R&D及高管政治联系的数据,从寻租行为与R&D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。本文的研究结论说明,R&D投资、而非寻租,才是公司持续性业绩增长的关键。更多还原

【Abstract】 Using a hand-collected sample of R&D data and political connections data of key managers underlying Chinese public listed companies from 2005 to 2009,this article empirically studies the competitive influence between rent-seeking and R&D on corporate performance.The results shows that R&D has a continuely and stably positive influence on increasing corporate 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 persistent performance.更多还原