The Impact of Asset-light Strategy on Corporate R&D Investment: A Case Study of Chinese Listed Companies

Abstract

Abstract:

Asset-light strategy becomes increasingly common, but literature on its economic consequences is very little. Basing on this, this paper uses the data of listed companies from 2010 to 2017 in Chinese capital market as sample to study the impact of asset-light strategy on corporate R&D investment, and analyze difference under different situations. The research results show that:there is a significant positive correlation between asset-light strategy and enterprise R&D investment; compared with non-high-tech industry, high-tech industry enhances promotion of asset-light strategy on R&D investment; monopoly industry weakens the influence of asset-light strategy on R&D investment; and regional (where the enterprise is located) marketization facilitates the promotion effect of asset-light strategy on R&D investment. The paper enriches economic consequence literature of asset-light strategy, helps us to understand how assets operation mode exerts impact on corporate R&D investment scientifically, expands related research of asset-light strategy theory, and it is also of certain practical significance to improve corporate asset allocation.

Key words: asset-light strategy, R&D investment, high-tech industry, monopoly industry, marketization

Zhou Zejiang, Li Ding. The Impact of Asset-light Strategy on Corporate R&D Investment: A Case Study of Chinese Listed Companies[J]. , 2019, 31(6): 91-101.

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