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| Do Over-Investments Crowd out Firm Innovation:an Empirical Analysis |
| Cheng Hong1,2,Hu Dezhuang1,2 |
| (1.Institute of Quality Development Strategy, Wuhan University; 2.Collaborative Innovation Center of Macro-Quality Management in Hubei Province, Wuhan University, Wuhan 430072, China) |
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Abstract Different from existing studies that are mainly from the perspective of institutional background and entrepreneur′s capability, this paper empirically studies the crowding-out effects of over-investment on firm′s innovation ability from the distinct perspective of firm′s investment behavior.By utilizing a novel firm-level micro-data, China Employer-Employee Survey (CEES), it is found that, after controlling for some relevant factors mentioned in the literature, over-investment activities in other fields than innovation exert significantly negative effects on firm′s output of patents, new products, and brands, suggesting that the distortions of investment behavior have significant crowding-out effects on firm′s innovation ability.Furthermore, comparing with firms who haven′t over-invested, those who have over-invested are relatively lower in R&D, human capital, and management efficiency, indicating that these factors are potential mechanisms through which over-investments can impede the improvement of firm′s innovation ability.Consequently, it is suggested that a sound business environment should be created to reduce the over-investment.
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Received: 02 December 2019
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