Entertainment Spending and Capturing Value from Innovation in Chinese Firms

ABSTRACT This study examines how Chinese firms capture value from their innovations. We propose that relationship-building through business entertainment may be helpful. In particular, wining and dining key stakeholders, including clients, suppliers, distributors, and government officials, can help firms gain access to complementary resources necessary for commercializing their innovations, facilitating capturing value from innovations. However, business entertainment is less effective in regions with relatively developed market-supporting institutions, including factor markets and legal institutions. The analysis results of archival data and data from a World Bank survey of Chinese firms support all the above arguments. 摘要 本研究考察了中国企业是否可以通过商务招待的方法促进其创新产品的商业化并获取价值。我们假设通过商务招待（主要指宴请活动）与利益相关者，包括客户、供应商、分销商和政府官员--建立关系，可以帮助企业获得将其创新商业化所需的互补资源，促进从创新中获取价值。但是，在要素市场和法律制度等市场支持机构相对发达的地区，商务招待效果较差。通过对中国上市公司制造型企业在2009-2017数据的分析，以及世界银行对中国企业的调查数据的分析，我们发现结果支持上述所有论点。