Impact of Foreign Equity on Innovation and Performance of Listed High-Tech Companies Within and Outside Clusters in China

摘要

Based on the data of 188 GEM-listed companies until 2012, this paper uses principal component regression analysis to compare disparities in creative, learning and factor input capacities by dividing samples into a cluster group and a non-cluster group. The results indicate that companies within clusters easily access government supports, attach importance to learning effects, demonstrate greater capabilities to absorb skills and know-how spilled over from foreign investment companies, and experience less impact due to crowd-out effects caused by foreign capital. Endogenous creation within clusters with little contribution to performance implies that superiority of resource agglomeration and learning networks have not converted into creative superiority. Companies outside clusters place greater emphasis on exogenous innovation driven by foreign capitals than do companies within clusters. We propose that, lacking capital and technical stock, governors should pay more attention to exogenous creative sources, accelerate the industrialization process of creative achievements through training and technical exchange and establish technical service platforms.