政治关联对民营企业投资偏好的影响研究

Research on the Influence of Political Connections on Investment Preference of Private Enterprises

研究了不同程度的政治关联对企业规模投资和R&D投资的不同影响。采用2010—2013年共计2 205个民营企业微观样本进行实证研究,结果表明在我国现有的制度环境下,大多数企业的政治关联促进了其规模投资,而抑制了其R&D投资。此外,进一步分类回归发现,在市场化程度较高地区和高新技术行业,政治关联对企业的规模投资和R&D投资都具有明显的促进作用;而在市场化程度较低地区和传统行业,政治关联对企业规模投资有促进作用,对R&D投资有削弱作用。

This paper studies the different influence of different levels of political connection on firm-scale investment and R＆D investment, with 2205 micro-samples of private enterprises during 2010--2013. The empirical results show that under the existing institutional environment in China, political connections of most enterprises promote their scale investment, but suppress their R＆D investment. In addition, through the classification regression we find that in the area with higher de- gree of marketization and the high-teeh industries, the political connection has a significant promoting effect on both scale and R＆D investment. While in the area with lower degree of marketization and the traditional industries, the political connections promote the scale investment but weaken R＆D investment.