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首页> 外文期刊>Strategic Management Journal >RENT APPROPRIATION OF KNOWLEDGE-BASED ASSETS AND FIRM PERFORMANCE WHEN INSTITUTIONS ARE WEAK: A STUDY OF CHINESE PUBLICLY LISTED FIRMS
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RENT APPROPRIATION OF KNOWLEDGE-BASED ASSETS AND FIRM PERFORMANCE WHEN INSTITUTIONS ARE WEAK: A STUDY OF CHINESE PUBLICLY LISTED FIRMS

机译：机构薄弱时基于知识资产的租金分配和公司绩效：对中国公开上市公司的研究

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摘要

A firm's strategic investments in knowledge-based assets through research and development (R&D) can generate economic rents for the firm, and thus are expected to affect positively a firm's financial performance. However, weak protection of minority shareholders, weak property rights, and ineffective law enforcement can allow those rents to be appropriated disproportionately by a firm's powerful insiders such as large owners and top managers. Recent data on Chinese publicly listed firms during 2007-2012 were used to demonstrate that the expected positive relationship between knowledge assets and performance is weaker in transition economies when a firm's ownership is highly concentrated and its managers have wide discretion. Moreover, rent appropriation by insiders was shown to vary with the levels of institutional development in which a firm operates.
机译：企业通过研发（R＆D）对基于知识的资产进行的战略投资可以为企业带来经济租金，因此有望对企业的财务业绩产生积极影响。但是，对小股东的保护薄弱，财产薄弱以及执法不力，可能会使公司的强大内部人（例如大业主和高层管理人员）不成比例地挪用这些租金。 2007-2012年间中国上市公司的最新数据被用来证明，在转型经济中，当公司的所有权高度集中且经理人具有广泛的自由裁量权时，知识资产与绩效之间的预期正相关性就较弱。此外，内部人员的房租分配情况也随着公司经营机构发展水平的不同而不同。

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