企业家政治关联、研发投入与科技型中小企业成长研究

摘要

Using the panel data of the small and mediumGsized technologyGbased listed companies in China from 2007 to 2012,we analysis the effect of political connection on small and mediumGsized technologyGbased enterprises growth ,and aG nalysis the intermediation effect of R&D investment that including human capital and R&D expenses .This study shows that there is a significant positive effect of political connection on enterprise growth,and it is very interesting that human capital has intermediation between the political connection and enterprise growth,and the effect is very appreciable in high level of financial development areas,while the intermediation effect of R&D expenses is not significant.%以2007-2012年科技型中小企业上市公司面板数据为样本，实证分析了企业家政治关联对科技型中小企业成长的影响以及研发投入(人力资本投入和研发费用投入)的中介作用。研究发现：企业家政治关联对科技型中小企业成长有显著正向作用，人力资本投入在企业家政治关联与科技型中小企业成长过程中起中介作用，这种作用在金融发展水平高的地区更加显著，而研发费用投入没有显著发挥中介作用。