城市金融生态环境、政治联系与企业研发支出——来自2011-2015年创业板上市公司的经验证据

Urban Financial Ecological Environment,Political Connections and Enterprise R&D Expenditure:An Empirical Study on Chinese GEM Listed Companies From 2011 to 2015

以2011-2015年创业板上市公司为研究对象,检验了城市金融生态环境、政治联系与企业研发支出的关系。实证研究结果显示:城市金融生态环境中经济基础、金融发展、制度与诚信文化和信贷资产质量四个维度将促进创业板公司增加研发支出,政治联系中是否存在政府官员、代表委员政治联系、政府官员政治联系级别、代表委员政治联系级别与创业板公司研发强度显著负相关。

Based on the data of Chinese GEM listed companies from 2011 to 2015,we explored the relationship between urban financial ecological environment, political connections and enterprise R ＆ D expenditure in this paper. The result shows that economic basis, financial development, system and integrity culture, credit assets quality of the four dimensions of urban financial ecological environment will promote the GEM companies to increase R＆D expenditures; whether there are significant negative correlations among government officials,political connections among party representatives of CPC , the level of political connections among government officials, the level of political connections among party- representatives of CPC and R ＆ D intensity of the GEM listed companies.