环境规制、政治关联和企业研发投入——基于民营上市企业的实证研究

Environmental Regulation,Political Connections and R&D Expenditure——Based on Private Listed Enterprises

基于民营上市企业数据,实证结果得到以下主要结论:第一,环境规制显著促进了企业研发投入;第二,政治关联企业研发投入水平更低,政治资源抑制了企业创新投入;第三,政治关联的负向调节作用弱化了环境规制对企业研发投入的激励效应。基于实证结论,监管者应强化环境规制督察职责,避免民营企业通过寻租手段规避环境规制并提升企业创新行为的激励以促进企业技术进步和长期竞争力提升。

Based on data from private listed enterprises, several following meaningful conclusions are reached： Firstly, envi- ronmental regnlation significantly increases the enterprises＇ R＆D investment. Secondly, that political connected firms have less level of R＆D expenditure and political resources lower R＆D expenditure. Thirdly, the positive effect of environmental regulation on the enterprises＇ R＆D investment would be weakened by political connections. The regulators are therefore o- bliged to strengthen the responsibility of the government as the supervisor lest the private enterprises circumvent environmen- tal regulation by means of rent - seeking, and to further motivate the enterprises to innovate, so as to promote their technical progression.