政治关联、政府补助与企业研发投入--基于中国创业板企业上市公司的实证分析

Political Connection, Government Subsidy and Enterprises＇ R＆D Investment -Empirical Evidence from Chinese Firms Listed on GEM

本文以中国创业板企业上市公司为样本，对企业的政治关联、政府补助与研发投入之间的关系及影响进行实证分析。结果显示：企业的政治关联普遍能够为企业带来更多来自政府的资金补助，且政治关联程度越高的企业，其能够获得的政府补助也越多；市场化进程落后的地区，政府对市场的干预更强，企业得到的制度保护越少，则企业会更倾向于建立政治关联；企业政治关联抑制了企业的研发投入；政府补助对企业的研发行为有显著的正向影响，但政府补助对企业研发的激励作用不会受到政治关联的调节作用。

Based on the private firms listed on Growth Enterprise Market board from 2008 to 2014, this paper has studied the relationship among government subsidy, political connection and innovation R＆D investment. The result indicates that： The political connection has a significantly positive impact on the amount of government subsidy obtained by the enterprises, resulting that the enterprises with political connection would obtain more government subsidy than the enterprises without political connection, and the higher the degree of political connection is, the more government subsidy the enterprise would obtain. The process of marketization of the area has a significantly negative impact on the establishment of political connection, resulting that in the areas with lower degree of marketization, the enterprises there have a stronger incentive to establish political connection. Political connection inhibits the enterprises＇ investment in R＆D. Government subsidy has a significantly positive impact on the development of innovative behavior of enterprises. The positive impaction from government subsidy on the investment of R＆D would not be moderated by political connection.