政治关联、创新基金与企业研发投入基于不同关联方式的研究

摘要

为探索不同的政治关联方式、创新基金与研发投入三者之间的关系,以创业板上市公司2011-2014年的数据为样本进行研究,发现虽然从整体来衡量,政治关联对企业研发投入有显著的消极影响,但是不同的关联方式对研发投入具有不同的影响和作用机制.代表委员类政治关联对企业的研发投入有负向影响,而政府官员类政治关联有助于企业增加研发投入,并且创新基金在其中起到中介作用.%This paper explores the relationships among political connection modes,innovation fund and R&D investment based on companies listed on GEM from 2011 to 2014,and finds that political connection has negative effects on R&D investment as a whole.However,different modes of connection have different effects.If the connected member in the company is a representative of NPC or CPPCC,political connection negatively influences R&D investment.The connection built by former government officer helps to promote R&D investment,in which innovation fund plays a mediation role.