This paper investigates the effects of political connections as an informal institution on R＆D investment behavior of Chinese listed firms. Using a hand-collected sample including R＆D data and political connections data of key top managers of listed finns from 2004-2009, this paper empirically studies whether and how political connections of key top managers curb R＆D investment of Chinese listed firms. The results show that politically connected firms have a significantly lower probability of investing on R＆D, and significantly less intensity of R＆D investment, suggesting that political connections do curb significantly R＆D investment. Furthermore, compared to non-state-owned listed firms, political connections curb significantly R＆D investment of state-owned listed firms, and political connections only curb significantly R＆D investment of high-tech listed firms, compared to non-high-tech listed firms.%本文揭示了政治联系这一非正式的制度安排对中国上市公司R＆D投资行为的影响。手工搜集了2004-2009年R＆D与关键高管政治联系的经验数据,本文实证研究了政治联系是否对R＆D具有＂挤出＂效应。结果表明,政治联系的公司投资于R＆D的概率显著更小、R＆D投资强度显著更低,即政治联系对R＆D投资具有显著的挤出效应。进一步研究发现,相对于非国有上市公司与非高科技企业,政治联系对国有上市公司与高科技上市公司的R＆D投资产生了显著的挤出效应。
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