Zhu Haicheng, Tian Yule, Yang Ke, Wei Saite, Yin Yufei
School of Economics, Zhejiang University of Finance and Economics, Hangzhou, China.
School of Economics, Henan Institute of Technology, Xinxiang, China.
PLoS One. 2024 Dec 16;19(12):e0307596. doi: 10.1371/journal.pone.0307596. eCollection 2024.
By developing an intertemporal decision-making model, this paper investigates the impact of the acquisition of overseas residency by a firm's beneficial owner on the firm's intertemporal decision-making. By incorporating a discount rate in the model, the paper finds that obtaining foreign residency alters the temporal distributional characteristics of the utility of the beneficial owner, weakening its preference for intertemporal investment behaviors such as R&D and donations. We then conduct an empirical analysis using the propensity score matching method for Chinese listed firms. The results show that firms with overseas residency have significantly lower R&D investment and an increase in philanthropic donation intensity than other firms. This study provides some practical benefit and relevance to government public policymaking: for developing countries such as China, public policies that take into account incentive compatibility will be more conducive to R&D investments and charitable donations by companies that obtain overseas residency rights, thus enhancing their brand value and social well-being.
通过构建一个跨期决策模型，本文研究了企业实益拥有人获得海外居留权对企业跨期决策的影响。通过在模型中纳入贴现率，本文发现获得外国居留权会改变实益拥有人的效用的时间分布特征，削弱其对研发和捐赠等跨期投资行为的偏好。然后，我们使用倾向得分匹配法对中国上市公司进行实证分析。结果表明，拥有海外居留权的公司的研发投资显著低于其他公司，慈善捐赠强度则有所增加。本研究为政府公共政策制定提供了一些实际益处和相关性：对于中国等发展中国家而言，考虑激励相容性的公共政策将更有利于获得海外居留权的公司进行研发投资和慈善捐赠，从而提升其品牌价值和社会福祉。
