政治关联、研发投入与企业价值——来自中小板高新技术企业的经验证据

Political Connection,R&D Expenditure and Market Value

本文基于政治关联的视角,以中小板中国家火炬计划认定的高新技术企业为对象,研究了政治关联、研发投入与企业价值三者之间的关系。将政治关联类型分为政府官员类和代表委员类两种,研究发现,不同的政治关联类型对企业价值的作用机制不同。政府官员类政治关联通过研发投入的中介作用负向作用于企业价值,代表委员类政治关联对研发投入影响企业价值具有调节效应。

Based on the political connection perspective, and using The National Torch Program identified as high-tech enterprises in small and medium enterprise(SME)board as our research subjects. We discussed the relations between political connection, R&D expenditure and market value. The political connection is classified into 'government officials'connection and'members of People's Congress(PC)and Chinese People's Political Consultative Conference(CPPCC)'connection.The result shows that the different types of political connections have different influence path on market value. The 'government officials'connection has negative influence on the market value through the mediate effects of R&D expenditure. However, the 'members of PC and CPPCC'connection moderates the relationship between R&D expenditure and market value.