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| Firm Size and R&D Performance of Chinese Manufacturing Listed Companies |
| Wang Wenyi,An Tongliang |
| School of Economics, Nanjing University, Nanjing 210093, China |
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Abstract There is superstition on big company in China, specially the government is used to improve enterprise's competitive strength by promoting mergers and acquisitions, but often disappointed at the end. Based on a dataset of Chinese listed manufacturing companies from 2003 to 2011, this paper studies the influence of firm size on R& D performance by expansion of Griliches's capital valuation equation. Results show that: ①R& D investment, whose value is higher than physical capital but in a lower level compared by developed countries, will increase the market cap of listed companies; ②There is an approximately inverted U-shaped relationship between firm size and the R& D performance. It indicates that, the firm size has a positive impact on the R& D performance at the beginning, but, when the firm size exceeds an optimal level, the shadow value of the R& D falls. This paper suggests government reassess the policy of promoting mergers and acquisitions, for the sake of innovation
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Received: 12 September 2013
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2014, Vol. 0 
