본문 바로가기
KERD
논문KCI 등재

Performance and Growth of Large Firms in China

1

조회

0

다운로드

2

인용

0

참고문헌

키워드

주제분류경제학

초록

This study examines the impacts of several factors, such as internal capital markets, technology transfer via FDI, and in-house R&D activities on the performance and growth of firms using data gathered from the top 200 companies in China during the period 1998-2003. A finance company, as an affiliate in the business group, is used as proxy for the internal capital market. The foreign joint venture firms and in-house research center are used as proxies for technology transfer and for the existence of in-house R&D activities, respectively. This paper finds that having foreign joint ventures is positively correlated with the firms’ growth but not with the financial and market performance of firms. In contrast, doing in-house R&D activities is positively correlated with the financial and market perfor- mances, as well as the growth of firms.

Abstract

This study examines the impacts of several factors, such as internal capital markets, technology transfer via FDI, and in-house R&D activities on the performance and growth of firms using data gathered from the top 200 companies in China during the period 1998-2003. A finance company, as an affiliate in the business group, is used as proxy for the internal capital market. The foreign joint venture firms and in-house research center are used as proxies for technology transfer and for the existence of in-house R&D activities, respectively. This paper finds that having foreign joint ventures is positively correlated with the firms’ growth but not with the financial and market performance of firms. In contrast, doing in-house R&D activities is positively correlated with the financial and market perfor- mances, as well as the growth of firms.

참고문헌 (47)

  1. Andreosso-O’callaghan, "Technology Transfer: A Mode of Collaboration between the European Union and China", Europe-Asia Studies, 51(1), pp.123~142 (1999)
  2. Barney, Jay B, "Firm Resources and Sustained Competitive Advantage", Journal of Management, 17(1), pp.99~120 (1991)
  3. Chang, Sea Jin, "Financial Crisis and Transformation of Korean Business Groups" (2003), Cambridge University Press
  4. Chang, Sea Jin, "Strategy, Structure and Performance of Korean Business Groups: A Transactions Cost Approach", The Journal of Industrial Economics, 37(2), pp.141~158 (1988)
  5. Chang, Sea Jin, "Economic Performance of Group-Affiliated Companies in Korea: Intragroup Resource Sharing and Internal Business Transactions", of Management Journal, 43(3), pp.429~488 (2000)
  6. "China Securities Regulatory Commission. Listed Companies Classifi- cation and Code"[URL]
  7. Choo, Kineung, "Changing Performance of the Business Groups over Two Decades: Investment Inefficiency and Technological Capabilities. Economic Development and Cultural Change, 2009 (Forthcoming)", ~ (2009)
  8. de Bruijin, "Transferring Technology to China by Means of Joint Ventures", Research Technology Management, 36(1), pp.17~22 (1993)
  9. Evans, D. S, "Test of Alternative Theories of Firm Growth", Journal of Political Economy, 95(4), pp.657~674 (1987)
  10. Evans, D. S, "The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries", The Journal of Industrial Economics, 35(4), pp.567~581 (1987)
  11. Froot, Knneth, "A Framework for Risk Management", Harvard Business Review, 72(6), pp.91~103 (1994)
  12. "Gaulier, Guillaume, Lemoine, Francoise, and Unal-Kesenci, Deniz. China’s Integration in East Asia: Production Sharing, FDI and High-Tech Trade. CEPII Working Paper, 2005", ~ (2005)
  13. Gibrat,R, "Les Inegalites Economiques" (1931), Librairie du Recueil Sirey
  14. Goto, Akira, "Business Groups in Market Economy", European Economic Review, 19(1), pp.53~70 (1982)
  15. Greene, "Econometric Analysis" (2002), Prentice-Hall, Inc
  16. Guillen, Mauro F, "Business Groups in Emerging Economies: A Resource-Based View", Academy of Management Journal, 43(3), pp.362~380 (2000)
  17. Hu, Albert G. Z., "R&D and Technology Transfer: Firm-Level Evidence from Chinese Industry. Working Paper, 2003", ~ (2003)
  18. "Jingjicankaobao. China, 2004. 5. 21", ~ (2004)
  19. Jin, Furong, "Changing Engines of Growth in China", China and the World Economy (2008)
  20. Jovanovic, Boyan, "Selection and the Evolution of Industry", Econometrica, 50(3), pp.649~670 (1982)
  21. Keister, Lisa A, "Engineering Growth: Business Group Structure and Firm Performance in China’s Transition Economy", Journal of Sociology, 104(2), pp.404~440 (1998)
  22. Keister, Lisa A, "Chinese Business Groups: The Structure and Impact of Interfirm Relations during Economic Development" (2000), Oxford University Press
  23. Khanna, Tarun, "Business Groups and Social Welfare in Emerging Markets: Existing Evidence and Unanswered Questions", European Economic Review, 44, pp.748~761 (2000)
  24. Khanna, Tarun, "Why Focused Strategies May Be Wrong for Emerging Markets", Harvard Business Review, 75(4), pp.41~51 (1997)
  25. Khanna, Tarun, "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Group", The Journal of Finance, 55(2), pp.567~91 (2000)
  26. Khanna, Tarun, "The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile", The Academy of Management Journal, 43(3), pp.268~285 (2000)
  27. Khanna, Tarun, "Estimating the Performance Effects of Groups in Emerging Markets", Strategic Management Journal, 22(1), pp.45~74 (2001)
  28. Kong, Xinxin, "Corporate R&D in China: The Role of Research Institutes. Working Paper. 2003", ~ (2003)
  29. Lee, Keun, "Determinants of Firms Growth in Developing Countries: An Extension of the Resource-Based Theory of Firm Growth. Presented at the WIDER Jubilee Conference on the Future of Development Economics, 2005", ~ (2005)
  30. Leff, Nathaniel H, "Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Group", Economic Development and Cultural Change, 26(4), pp.661~675 (1978)
  31. Lundin, Nannan, "Globalization of R&D and China? Empirical Observations and Policy Implications. IFN Working Paper. Research Institute of Industrial Economics, 2007", ~ (2007)
  32. Mansfield, Edwin, "Entry, Gibrat’s Law, Innovation, and the Growth of Firms", American Economic Review, 52(5), pp.1023~1051 (1962)
  33. Mansfield, Edwin, "International Technology Transfer: Forms, Resource Requirements and Policies", American Economic Review, 65(2), pp.372~376 (1975)
  34. Motohashi, Kazuyuki, "R&D of Multinationals in China: Structure, Motivations and Regional Difference. REITI Discussion Paper Series. 2006", ~ (2006)
  35. Myers, Stuart, "Determinants of Corporate Borrowing", Journal of Financial Economics, 5(2), pp.147~175 (1977)
  36. Myers, Stuart, "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have", Journal of Financial Economics, 13(2), pp.187~221 (1984)
  37. National Bureau of Statistics(NBS), "China Statistical Yearbook on Science and Technology" (2001), China Statistical Press
  38. National Bureau of Statistics (NBS), "China Statistical Yearbook on Science and Technology" (2004), China Statistical Press
  39. National Bureau of Statistics(NBS), "China Statistical Yearbook on Science and Technology" (2006), China Statistical Press
  40. "Qingdaohai’eryouxiangongsi. Annual Report in 2003, 2003", ~ (2003)
  41. Seo, Bong Kyo, "The Time Trend in the Performance of Business Groups in Emerging Economies: The Case of Business Groups in China. Doctoral dissertation. 2006", ~ (2006)
  42. Shanmugam, K. R., "Size, Age, and Firm Growth in the Indian Manufacturing Sector", Applied Economics Letters, 9(9), pp.607~13 (2002)
  43. Shin,J.S, "The Economics of the Latecomers: Catching-Up, Technology Transfer and Institutions in Germany, Japan and South Korea" (1996), Routeldge
  44. Sleuwaegen, L., "Growth of Firms in Developing Countries, Evidence from Cote d’Ivoire’", Journal of Development Economics, 68(1), pp.117~135 (2002)
  45. Tybout, James R., "Manufacturing Firms in Developing Countries: How Well Do They Do, and Why", Journal of Economic Literature, 38(1), pp.11~44 (2000)
  46. Wang, Xiaozu, "State-Owned Enterprises Going Public ― The Case of China", Economics of Transition, 12(3), pp.467~487 (2004)
  47. Xu, Xiaonia, "Ownership Structure and Corporate Governance in Chinese Stock Companies", Chinese Economic Review, 10(1), pp.75~98 (1999)

관련 논문AI추천

이 간행물의 다른 논문 (6건)