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首页> 外文期刊>Journal of Business Research >R&D expenditures, ultimate ownership and future performance: Evidence from China
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R&D expenditures, ultimate ownership and future performance: Evidence from China

机译：研发支出，最终所有权和未来表现：来自中国的证据

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This study examines the relationship between R&D expenditures and future performance, as well as the moderating effects of ultimate ownership on the relationship. Using a sample of 772 Chinese listed firms from 2007 to 2012, this study shows that R&D expenditures are positively related to firms' future performance and that the R&D expenditures of SOEs lead to better future performance than those of non-SOEs. In addition, the results also reveal that voting rights of ultimate owners positively moderate the R&D-performance relationship. We also adopt fuzzy-set Qualitative Comparative Analysis (fsQCA) to reveal the interdependent and interrelated nature of the explanatory predictors of future performance. The results of fsQCA further indicate that large-sized SOEs with concentrated ownership could attain higher future performance on R&D investments if there are more patent applications and capital and operating spending. These findings complement the R&D performance literature by simultaneously considering the combinatory effect of ultimate ownership and control ability. (C) 2016 Elsevier Inc. All rights reserved.
机译：本研究考察了研发支出与未来绩效之间的关系，以及最终所有权对该关系的调节作用。使用2007年至2012年间772家中国上市公司的样本，该研究表明，研发支出与公司的未来绩效呈正相关，并且国有企业的研发支出比非国有企业的未来绩效更好。此外，结果还表明，最终所有者的投票权积极地调节了研发与绩效之间的关系。我们还采用模糊集定性比较分析（fsQCA）来揭示未来绩效的解释性预测因素的相互依存和相互关联的性质。 fsQCA的结果进一步表明，如果有更多的专利申请以及资本和运营支出，拥有集中所有权的大型国有企业可以在研发投资方面获得更高的未来表现。这些发现通过同时考虑最终所有权和控制能力的组合效应来补充R＆D绩效文献。 （C）2016 Elsevier Inc.保留所有权利。

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