境外居留权、控制方式与研发国际化——来自中国创业板和中小板上市公司的经验证据

Foreign residency rights,controlling mode,and overseas R&D:Evidence from Chinese SME and GEM

文章以2007—2015年中国创业板和中小板上市公司为样本,考察上市公司的实际控制人取得境外居留权对研发国际化(以公司建立海外研发中心来衡量)的影响。实证结果显示,上市公司实际控制人境外居留权能够带来积极的经济后果,对上市公司海外研发具有显著正向影响,且这一效应在实际控制人直接控制上市公司的样本中,在行业竞争激烈的情况下,更为显著。文章拓展了实际控制人取得境外居留权的经济后果研究,深化了实际控制人个人特征影响公司治理的研究,同时也有助于企业利用各项资源开展海外研发,提升公司竞争力。

This paper selects SME(Small and Medium-sized Enterprise)and GEM(Growth Enterprise Market)as samples to examine the relationship between actual controller’s foreign residency right and the overseas R&D(measured by establishment of overseas R&D Center).We find that firms’actual controller’s foreign residency right significantly enhances the overseas R&D development,and that the positive effect is more significant in the subsample where the controller directly controls the company,and in the areas where the marketization is more matured and industrial competitiveness is more incentive.This paper expands the research on economic consequences of actual controllers’foreign residency right,deepens the research on the effects of personal characteristics of actual controllers on corporate governance,and promotes motivations for firms to take full advantage of resources to develop overseas R&D and improve the international competitiveness.