政治关系与创新效率:基于公司特质信息的研究
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财经研究 2010 年 第 36 卷第 10 期, 页码：86 - 101
摘要
参考文献
摘要
文章用CAPM回归得到的R平方度量以创新投入为代表的公司特质信息,并根据政治关系强弱把样本分为国有控股与非国有控股公司,然后运用差分中的差异(DID)与面板数据回归技术对政治关系与创新投入产出效率的关系进行了实证研究。研究发现:没有证据表明政治关系有利于企业进行技术效率改进或创造性破坏活动,政治关系还会使得大规模企业的创新效率有所降低;此外,规模的扩大有利于企业加大技术效率改进投入力度,但会使企业技术进步与创造性破坏活动的投入效率降低。
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[2]陈小悦,徐晓东.股权结构、企业绩效与投资者利益的保护[J].经济研究,2001,(11):3-11.
[3]邓可斌,丁重.中国为什么缺乏创造性破坏:基于上市公司特质信息的经验证据[J].经济研究,2010,(6):66-79.
[4]丁重,张耀辉.制度倾斜、低技术锁定与中国经济增长[J].中国工业经济,2009,(11):16-24.
[5]孔东民,申睿.R2,异常收益与交易的信息成分[J].中大管理研究,2008,(3):9-112.
[6]李谷成,冯中朝,范丽霞.农户家庭经营技术效率与全要素生产率增长分解(1999-2003)——基于随机前沿生产函数与来自湖北省农户的微观证据[J].数量经济技术经济研究,2007,(8):25-34.
[7]林毅夫,刘明兴.中国的经济增长收敛与收入分配[J].世界经济,2003,(8):3-14.
[8]陆铭,陈钊,万广华.因患寡,而患不均——中国的收入差距、投资、教育和增长的相互影响[J].经济研究,2005,(12):4-14.
[9]罗楚亮.城镇居民教育收益率及其分布特征[J].经济研究,2007,(6):119-130.
[10]彭国华.中国地区收入差距、全要素生产率及其收敛分析[J].经济研究,2005,(9):19-29.
[11]任若恩,孙琳琳.我国行业层次的TFP估计:1981-2000[J].经济学(季刊),2009,(3):925-950.
[12]宋立刚,姚洋.改制对企业绩效的影响[J].中国社会科学,2005,(2):17-35.
[13]苏冬蔚,陈宇欣.我国民营与国有上市公司价值的比较研究[J].财经问题研究,2006,(6):22-30.
[14]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005,(10):48-58.
[15]文芳.R&D投资对公司盈利能力的影响研究[J].证券市场导报,2009,(6):71-77.
[16]姚先国,张海峰.教育、人力资本与地区经济差异[J].经济研究,2008,(5):47-57.
[17]游家兴,张俊生,江伟.制度建设、公司特质信息与股价波动的同步性——基于R2研究的视角[J].经济学(季刊)2007,(1):189-206.
[18]朱武祥,宋勇.股权结构与企业价值[J].经济研究,2001,(12):66-72.
[19]Aghion P,Howitt P.A model of growth through creative destruction[J].Econometri-ca,1992,60(2):323-351.
[20]Aghion P,Howitt P.Endogenous growth theory[M].Cambridge,MA,MIT Press,1998.
[21]Aghion P,Howitt P.Appropriate growth policy:a unifying framework[J].Journalof the European Economic Association,2006,4(2-3):269-314.
[22]Boycko M,Shleifer A,Vishny Robert W.Voucher privatization[J].Journal of Finan-cial Economics,1994,35(2):49-266.
[23]Bond S,Hoeffler A,Temple J.GMM estimation of empirical growth models[Z].CEPR Discussion Paper,No.3048,2001.
[24]Christensen Laurits R.Entrepreneurial income:how does it measure up?[J].Ameri-can Economic Review,1971,61(4):575-585.
[25]Coelli T.Recent developments in frontier modeling and efficiency measurement[J].Australian Journal of Agricultural Economics,1995,39:219-245.
[26]Chun H,Kim J W,Morck R,Yeung B.Creative destruction and firm-specific per-formance heterogeneity[J].Journal of Financial Economics,2008,89(1):109-135.
[27]David L D.A theory of ambiguous property rights in transition economies:the case ofthe Chinese non-state sector[J].Journal of Comparative Economics,1996,23(1):1-19.
[28]Durnev A,Morck R,Yeung B.Does firm-specific information in stock prices guidecapital budgeting?[J].Journal of Finance,2004,59:65-105.
[29]Fogel K,Morck R,Yeung B.Big business stability and economic growth:is what’sgood for general motors good for America?[J].Journal of Financial Economics,2008,89(1):83-108.
[30]Jin L,Myers S C.2006,R2around the world:new theory and new tests[J].Journalof Financial Economics,2006,79:257-292.
[31]Liu Z Q.The external returns to education:evidence from Chinese cities[J].Journalof Urban Economics,2007,61:542-564.
[32]Lucas R E.On the mechanics of economic development[J].Journal of Monetary Eco-nomics,1988,22:3-42.
[33]Morck R,Yeung B,Yu W.The information content of stock markets:why do emer-ging markets have synchronous stock price movements?[J].Journal of Financial Eco-nomics,2000,58:215-260.
[34]Pastor L,Veronesi P.Technological revolutions and stock prices[J].American Eco-nomic Review,2009,99(4):1451-1483.
[35]Roll R.R2[J].Journal of Finance,1988,43:541-566.
[36]Romer Paul M.Increasing returns and long-run growth[J].Journal of Political Econo-my,1986,94(5):1002-1037.
[37]Schumpeter Joseph A.1912,Theorie der wirtschaftlichen entwichlung,leipzig,dunk-er und humbolt.Translated by R.Opie,The theory of economic development:an in-quiry into profits,capital,credit,interest,and the business cycle[M].Cambridge,MA,Harvard University Press,1934.
[38]Shleifer A,R Vishny.Politicians and firms[J].Quarterly Journal of Economics,1994,94:995-1025.
[39]Wei Steven X,Chu Zhang.Why did individual stocks become more volatile?[J].Journal of Business,2006,79(1):259-292.
引用本文
丁重, 邓可斌. 政治关系与创新效率:基于公司特质信息的研究[J]. 财经研究, 2010, 36(10): 86–101.
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