民营企业的政治联系、非生产性支出与R&D投资

Private enterprises' political connections,non-productive expenditures and R&D investment

从非生产性支出及R&D投资的角度对民营企业政治联系的成本效应进行了考察。研究发现,民营企业的政治联系与企业的非生产性支出显著正相关,与企业的R&D投资显著负相关;此外,在制度环境差的地区,民营企业的政治联系与企业的非生产性支出及R&D投资的相关关系更强。本文的研究结果表明,民营企业的政治联系在为企业获取政治联系收益的同时,也会导致政治联系成本效应的发生如非生产性支出的增加,还会弱化企业的核心能力建设如R&D投资。民营企业的政治联系对企业价值与财务绩效的影响存在不确定性,民营企业应慎重考虑政治联系战略的选择。

The paper studies the effect of private enterprises＇ political connections on corporate non - productive expenditures and R＆ D investment. We find there is a significant positive relationship between private enterprises＇ political connections and corporate non - productive expenditures, and this relationship is more prominent in the areas which institutions environment is poor. We also find there is a significant negative relationship between private enterprises＇ political connections and corporate R＆D investment, and the relation- ship is more prominent in the areas which institutions environment is poor. The finds show that although private companies may gent rent through establishing political connections with government, but they also undertake the corresponding costs such as increase of non - productive expenditures and reduce of R＆ D investments. So there is an uncertainty of the effect of private enterprises＇ political con- nections on corporate value and financial performance and private enterprises should carefully consider the strategy of political connec- tions with government.