The impacts of internal capital allocation efficiency on R&D investments: evidence from China

References

• Castaneda, G., (2002). “Internal Capital Market and Financing Choices of Mexican Firms before and during the Financial Paralysis of 1995~2000.” SSRN Working Paper.
   Google Scholar
• Chan, L., J. Lakonishok, and T. Sougiannis. 2001. “The Stock Market Valuation of Research and Development Expenditures.” Journal of Finance 56 (6): 2431–2456. doi:10.1111/0022-1082.00411.
   Web of Science ®Google Scholar
• Chen, V. Z., J. Li, D. M. Shapiro, and X. Zhang. 2014. “Ownership Structure and Innovation: An Emerging Market Perspective.” Asia Pacific Journal of Management 31: 1–24. doi:10.1007/s10490-013-9357-5.
   Web of Science ®Google Scholar
• Cline, B. N., J. L. Garner, and A. S. Yore. 2014. “Exploitation of the Internal Capital Market and the Avoidance of outside Monitoring.” Journal of Corporate Finance 25 (2): 234–250. doi:10.1016/j.jcorpfin.2013.12.004.
   Google Scholar
• Fan, J. P. H., T. J. Wong, and T. Zhang. 2013. “Institutions and Organizational Structure: The Case of State-owned Corporate Pyramids. The Journal of Law.” Economics, and Organization 29 (6): 1217–1252. doi:10.1093/jleo/ews028.
   Web of Science ®Google Scholar
• Fung, M. 2006. “R&D, Knowledge Spillovers and Stock Volatility.” Account & Finance 46 (1): 107–124. doi:10.1111/j.1467-629X.2006.00166.x.
   Web of Science ®Google Scholar
• Gertner, R. H., D. S. Scharfstein, and J. C. Stein. 1994. “Internal versus External Capital Markets.” Quarterly Journal of Economics 109 (4): 1211–1230. doi:10.2307/2118361.
   Web of Science ®Google Scholar
• Gu, L. 2016. “Product Market Competition, R&D Investment, and Stock Returns.” Journal of Financial Economics 119 (2): 441–455. doi:10.1016/j.jfineco.2015.09.008.
   Web of Science ®Google Scholar
• Gugler, K., E. Peev, and E. Segalla. 2013. “The Internal Working of Internal Capital Markets: Cross-country Evidence.” Journal of Corporation Finance 20 (1): 59–73. doi:10.1016/j.jcorpfin.2012.12.001.
   Google Scholar
• Guzzini, E., and D. Iacobucci. 2014. “Business Group Affiliation and R&D.” Industry and Innovation 21: 20–42. doi:10.1080/13662716.2014.879253.
   Web of Science ®Google Scholar
• Hall, B. H., and J. Lerner. 2010. “The Financing of R&D and Innovation.” In Handbook of the Economics of Innovation, edited by B. H. Hall and N. Rosenberg, 609–639. Vol. 1.
   Google Scholar
• He, J., X. Mao, O. M. Rui, and X. Zha. 2013. “Business Groups in China.” Journal of Corporate Finance 22: 166–192. doi:10.1016/j.jcorpfin.2013.05.001.
   Web of Science ®Google Scholar
• Khanna, T., and Y. Yafeh. 2007. “Business Groups in Emerging Markets: Paragons or Parasites?” Journal of Economic Literature 45 (2): 331–372.
   Web of Science ®Google Scholar
• Lamont, O. 1997. “Cash Flow and Investment: Evidence from Internal Capital Market.” Journal of Finance 52 (1): 83–109. doi:10.1111/j.1540-6261.1997.tb03809.x.
   Web of Science ®Google Scholar
• Lewellen, W. G. 1971. “A Pure Financial Rationale for the Conglomerate Merger.” Journal of Finance 26 (2): 521–537. doi:10.1111/j.1540-6261.1971.tb00912.x.
   Web of Science ®Google Scholar
• Li, Y. R., and X. J. Jin. 2007. “The Resource Allocation Efficiency in the Internal Capital Market.” Academic Monthly 4: 90–96.
   Google Scholar
• Liu, F., J. G. He, and M. H. Wei. 2004. “Control Right, Performance and Benefit Transfer—A Case Study Based on Wuliangye Co. Ltd.” Management World (8): 102–110.
   Google Scholar
• Liu H. L., Y. F. Qi, F. Wang. (2017). “On the Cost Stickiness Difference between Companies with Different Layers in Pyramidal Business Group”. Accounting Research, (07): 82–88.
   Google Scholar
• Liu, X., B. Dai, and Y. Hao. 2010. “Tunneling, Propping and Capital Investment—Evidence from Business Group’s Internal Capital Market.” China Accounting Review 8 (2): 201–221.
   Google Scholar
• Liu, X., F. Ji, and Q. Fu. 2013. “Monetary Policy, Internal Capital Market and Capital Investment.” Economic Science 3: 18–33.
   Google Scholar
• Lou, Z., S. Chen, Y. Jia, and X. Yu. 2019. “Business Group Affiliation and R&D Investment: Evidence from China.” In Emerging Markets Finance and Trade, 1–16.
   Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decision When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
   Web of Science ®Google Scholar
• Scharfstein, D. S., and J. C. Stein. 2000. “The Dark Side of Internal Capital Markets: Divisional Rent-seeking and Inefficient Investment.” Journal of Finance 55 (6): 2537–2564. doi:10.1111/0022-1082.00299.
   Web of Science ®Google Scholar
• Schumpeter, A. 1934. The Theory of Economic Development. Cambridge, MA: Harvard University Press.
   Google Scholar
• Stein, J. C. 1997. “Capital Markets and the Competition for Corporate Resources.” Journal of Finance 52 (1): 111–133. doi:10.1111/j.1540-6261.1997.tb03810.x.
   Web of Science ®Google Scholar
• Su, K. 2016. “The Effect of State Pyramidal Layers on Corporate Risk Taking—Based on the Difference of Government Control Levels.” China Industrial Economy 06: 127–143.
   Google Scholar
• Sutherland, D., L. Ning, and S. Beatson. 2011. “Productivity Performance in Chinese Business Groups: The Positive and Negative Impacts of Business Group Affiliation.” Journal of Chinese Economic and Business Studies 9: 163–180. doi:10.1080/14765284.2011.568685.
   Google Scholar
• Tan, W., and Z. Ma. 2016. “Ownership, Internal Capital Market, and Financing Costs.” Emerging Markets Finance & Trade 52 (5): 1259–1278. doi:10.1080/1540496X.2016.1138815.
   Web of Science ®Google Scholar
• Teng, D., and J. Yi. 2017. “Impact of Ownership Types on R&D Intensity and Innovation Performance—evidence from Transitional China.” Frontiers of Business Research in China 11: 1. doi:10.1186/s11782-017-0005-7.
   Web of Science ®Google Scholar
• Wan, L. Y., and M. H. Wei. 2006. “The Dilemma and Function Realization of the Internal Capital Market of Chinese Business Groups—A Case Study of Sanjiu Business Group and Sanjiu Pharmaceutical Group.” Contemporary Finance and Economics 02: 78–81.
   Google Scholar
• Wang, F. J., and Z. H. Xie. 2010. “The Modification and Verification of Empirical Model to Measure Internal Capital Market Efficiency.” 8: 42–48.
   Google Scholar
• Wang H., Y. Jiang, S. Wang, W. Zhang, and D. Lu. (2011). “Internal Capital Market Research Based on Chinese Background: Theoretic Framework and Research Prospects”. Accounting Research, (07):28–37.
   Google Scholar
• Wang, H., Y. Jiang, S. Wang, W. Zhang, and D. Lu. 2011. “Internal Capital Market Research Based on Chinese Background: Theoretic Framework and Research Prospects.” Accounting Research 07: 28–37.
   Google Scholar
• Xu, Y. F., W. H. Zhang, and K. Y. Wen. 2009. “Function Distortion and Economic Consequences Based on Internal Capital Market in Private Enterprises—A Case Study of ‘Tomorrow Technical Company’.” Management World S1: 103–109.
   Google Scholar
• Yang, M. Z. 2006. “Internal Capital Markets, Corporate Performance and Private Benefits of Control.” Accounting Research 12: 61–67.
   Google Scholar
• Yang, M. Z., J. Sun, and C. Lu. 2010. “The Existence and Efficiency of Internal Capital Markets.” Accounting Research 04: 50–56.
   Google Scholar
• Zhang, W. 2015. “R&D Investment and Distress Risk.” Journal of Empirical Finance 32: 94–114. doi:10.1016/j.jempfin.2015.03.009.
   Web of Science ®Google Scholar
• Zheng, G. J., D. J. Lin, and W. Q. Tan. 2016. ““Xi Zu” Control Model, Internal Group Structure and the Performance of China’s Listed Companies.” Accounting Research 2: 37–43.
   Google Scholar
• Zheng, G. J., and X. N. Cao. 2012. “Group Control whether or Not Undermine the Value of Listed Companies - the Dual Perspective of Ultimate Control and Marketization Process.” Journal of Sun Yat-sen University (Social Science Edition) 02: 189–199.
   Google Scholar