慈善捐赠、研发投入与财务资源的调节作用——基于战略间互动视角  

Corporate Philanthropy,R&D Spending and the Mitigating Effect of Financial Resources:Based on the Perspective of the Interactions between Strategies

作　　者：沈弋[1] 徐光华[1] 钱明[1] 

机构地区：[1]南京理工大学经济管理学院,南京210094

出　　处：《管理评论》2018年第2期159-171,共13页Management Review

基　　金：国家自然科学基金项目(71472088;71172104);南京理工大学经济管理学院青年教师科研基金项目(JGQN1702)

摘　　要：慈善捐赠带来的社会性资本,以及通过研发投入而取得的专业性资本都对企业的发展有重要影响。本文利用中国高科技产业上市公司2008-2013年数据,基于战略间互动视角,探索了公司慈善捐赠与研发投入之间的相关关系,以及财务资源对这一关系的调节作用。研究发现,由于不同战略之间对资源的竞争,高科技产业公司慈善捐赠与研发投入之间存在显著的挤出效应。本文进一步分析了财务资源对于战略间竞争的调节作用,研究发现,在财务资源冗余程度较高的公司里,战略间竞争更为激烈,挤出效应更加明显。最后,在考虑了慈善捐赠与研发间可能存在的滞后效应、内生性问题以及融资约束条件对财务资源冗余潜在的可替代性之后,以上关系依然成立。Based on the samples of Chinese high-tech firms listed during the period from 2008 to 2013,we investigate the relationship between corporate philanthropy and RD spending and attempt to explain why and how it happens. We find that there is a negative relationship between corporate philanthropy and RD spending,even if the RD spending is deferred,which is attributed to the limitation of strategy resource. Further,we investigate the mitigating impact of financial resource. The results show that this negative relationship is more aggressive in the firms with more financial slack or less financial constraint. This study sheds a new light on the theory of corporate strategy and the antecedent of RD spending and also has some important implications to the policy makers.

关 键 词：慈善捐赠 研发投入 资源冗余 公司战略 

分 类 号：F275[经济管理—企业管理]