Effects of Social Capital,Top Executive Attributes and R&D on Firm Value in Chinese Small and Medium-sized Enterprises

作     者：Penghua Qiao Hung-Gay Fung Xiaofeng Ju 

作者机构：School of ManagementHarbin Institute of Technology School of Business and EconomicsQiqihar University College of Business AdministrationUniversity of Missouri-St.LouisSt.LouisUSA 

出 版 物：《China & World Economy》 (中国与世界经济（英文版）)

年 卷 期：2013年第21卷第4期

页      面：79-100页

核心收录：

学科分类：0303[法学-社会学] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 03[法学] 1202[管理学-工商管理] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 0201[经济学-理论经济学] 020204[经济学-金融学（含∶保险学）] 030301[法学-社会学] 0701[理学-数学] 

主　　题：firm value R＆D small and medium-sized enterprises social capital top executive attributes 

摘      要：This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R ＆D on firm value in Chinese small and medium-sized enterprises （SMEs） listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender （male） and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital （measured by politieal connections, managerial business association networks and technology association networks） and R＆D have a positive effect on SME firm value. Third, the effect of politieal connections on firm value for state-owned enterprises （SOEs） is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.