Entertainment Spending and Capturing Value from Innovation in Chinese Firms
研究中国企业如何通过商务娱乐（如宴请客户、政府官员）建立关系，从而从创新中获取价值，并发现这种策略在制度不完善的地区更有效。
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.