融资约束、政治关联与中小企业R&D投资——来自中小板高新技术上市公司的经验证据

Financing Constraints, Political Connections and Corporate R&D Investment——Empirical Evidence from China's High-Tech Listed Companies of SME Board

本文选取2011～2015年我国中小板高新技术上市公司为样本,实证检验了政治关联对融资约束与中小企业R&D投资关系的影响。研究发现:我国中小板高新技术上市公司R&D投资总体存在融资约束,部分企业通过与政府建立政治关联缓解了融资约束对R&D投资的消极影响。进一步对政治关联分类发现,与较低层级的政治关联相比,企业政治关联层级越高,融资约束对R&D投资的消极影响的缓解作用越强。本文为融资约束、政治关联与中小企业R&D投资之间关系的微观机理提供了新的经验数据,验证了在我国资本市场中,非正式机制仍然发挥着较大的作用。

Based on data of China＇s high-tech listed companies of SME board from 2011 to 2015, we study the impact of financing constraints on R＆D investment and the effect of political connections on the relation. We find that： when the company establishes political connections with the government, the negative relation between financing constraints and R＆D investment is less significant; further, the higher the level of company political connections, the stronger the mitigation effect of financing constraints on R＆D investment. This paper provides new empirical data for the micro-mechanism of the relation among financing constraints, political connections and R＆D investment, which shows that the informal mechanism still plays a big role in Chinese capital market.