Corporate governance, finance, and technological capability in newly industrialising economies : a framework and evidence from auto and electronics industries in China.

摘要

Based on empirical research in two of China's biggest and most important manufacturingudsectors: Auto and Electronics, this study develops an analytical framework to understand,udhow firms in newly industrialising economies (NIEs) develop their technologicaludcapabilities, and how this is affected by the situation of finance and the practice ofudcorporate governance (CG). Particularly, by further adaption of the theory to the Chineseudcontext, it attempts to answer the questions: 1) 'What is the situation of technologicaludcapabilities in the firms in the Chinese Auto and Electronics Industries?'2) 'How has theuddevelopment process of technological capabilities been?' 3) 'What is the situation ofudcorporate governance and finance in Chinese Auto and Electronics firms?' and 4) 'Howudcan the capabilities developed be explained from the finance/corporate governanceudaspect?'udTwo frameworks are developed on the basis of previous research on technologicaludcapabilities and corporate governance. Three Propositions are derived from theseudframeworks. Five case studies are conducted in both sectors, and seven hypotheses areudthen generated from the findings of case studies. They are tested through a questionnaireudsurvey of 195 firms in the Chinese electronics industry.udThis thesis makes several theoretical contributions and has several policy implications.udPrimarily, this study contributes to the literature on the development of technologicaludcapability in NIEs by: 1) creating a better understanding of firm-level technologicaludcapability in the Chinese auto and (especially) electronics sectors; 2) providing a thoroughudaccount and explanations of how Chinese firms with typically flawed corporateudgovernance (CG) fail to develop dynamic capabilities; how those with better CG succeed,udand why there are not more of them. In addition this study has adapted the theoreticaludframework (the effect of corporate governance on technological development) to theudChinese situation and enriched it. It will enlighten future applications of such theory to theudwider context of NIEs in general. For policy makers, the crucial implication is that anyudimprovement in the governance factors studied in this study will significantly boost theuddevelopment of technological capability.