中國上市公司的創新績效：政治鑲嵌的理論視角

Corporate Innovation in China: A Political Embeddedness Perspective

傅浚映(Jyun-Ying Fu)

《管理學報》 38卷1期 (2021/03) Pp. 23-53

https://doi.org/10.6504/JMBR.202103_38(1).0002

摘要

近年來開發中國家的創新成果在全球創新市場的角色日益重要，然而開發中國家企業的經濟活動常受到政治網絡所影響，現今文獻關於政治網絡關係對創新的影響則尚未有系統性地研究。本研究欲探討公司鑲嵌入政治網絡如何影響公司創新績效。本研究綜合政治鑲嵌文獻和資源調和理論，認為企業建立政治鑲嵌會減少企業經理人向外搜尋的動機，並使經理人架構、組織及利用資源至滿足政府需求的相關活動上，因而減少企業創新績效。本文亦發現，企業政治鑲嵌與企業創新績效之負向關係，對於國際化程度較高和擁有研發背景相關董事的企業較為減弱。本研究以2008年至2016年中國上海和深圳交易所上市之A股公司為研究對象，並以專利數衡量創新績效。實證結果顯示企業政治鑲嵌的確減少企業創新績效。本研究在使用傾向分數分析法所得的樣本時，亦得到類似的結果。

關鍵字

創新 ； 政治鑲嵌 ； 資源調和理論 ； 開發中國家

並列摘要

Innovation in developing countries has become important in the global market. However, due to the dominant role of government in most of these countries, it is thought that corporate innovation may be highly influenced by political forces. This study examines how political embeddedness influences corporate innovation. Drawing on the literature on political embeddedness and resource orchestration theory, our study argues that political embeddedness enhances firms' incentive to structure and bundle resources to meet government demands, thus reducing corporate innovation. Firm internationalization and board R&D background weaken this negative relationship. A sample of Chinese A-share listed firms from 2008 to 2016 supports our proposed relationships. Our results still remain robust when we use a propensity-score-matched sample.

並列關鍵字

innovation ； political embeddedness ； resource orchestration theory ； developing countries

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