政治关联、融资约束与企业研发投入

Political Connections,Financing Constraints and Corporate R&D Input

文章基于世界银行的投资环境大型微观调查数据,实证考察了在经济转轨过程中政治关联和融资约束对企业研发投入的影响。研究发现:(1)政企双重身份的企业高管对企业研发投资具有消极影响,并且强化融资约束对企业研发投资的消极影响;而那些旨在帮助企业发展的政府官员所占比例和企业与政府部门之间关系质量对企业研发投资具有显著的正向影响,但并未强化抑或缓解融资约束对企业研发投资的消极影响。(2)融资约束对企业研发投资具有显著的抑制作用。文章为理解转轨经济背景下的中国企业R&D投入的影响因素提供了一个新的视角,也为理解政治关联、融资约束与企业创新增长之间关系的微观机理提供了新的经验证据。

Based on a large micro data of investment climate survey done by the World Bank,this paper empirically investigates the effects of political connections and financing constraints on corporate R&D input in the process of economic transition.It arrives at the conclusions as follows:firstly,corporate executives with dual identity have the passive effect on corporate R&D input,and strengthens the passive effect of financing constraints on corporate R&D input;the proportion of officials helping firms to develop and the quality of the relationship between firms and governmental sectors have the significantly positive effect on corporate R&D input,but do not strengthen or weaken the passive effect of financing constraints on corporate R&D input;secondly,financing constraints play a significantly inhibition role in corporate R&D input.It provides a new perspective for the understanding of influencing factors of corporate R&D input in China in the context of economic transition and new evidence for the understanding of microscopic mechanism of the relationship among political connections,financing constraints and corporate innovation growth.