从众投资下政治关联对创新绩效影响研究——基于民营上市公司数据分析

Research on the Influence of Political Connection and Innovation Performance under Herd Investment——Based on Data Analysis of Private Listed Companies

民营企业寻求政治关联现象尤为突出,其利害关系一直备受争议。基于从众投资挤出效应视角,以2012—2016年上市民营公司为样本探究政治关联与创新绩效的关系。实证显示,政治关联与创新绩效负相关,且政治层级越高诅咒效用越大;从众投资对创新绩效确有削弱作用,但效果并不显著;市场化水平与政治关联负相关,其高低对从众投资具有一定抑制作用,进而修饰了企业创新绩效。从众投资的新视角研究政治关联与创新绩效关系,以期结论对目前企业投资及创新具有一定启示作用。

The phenomenon of private companies seeking political connections is particularly prominent,and their stakes have been controversial.Based on the perspective of crowding out effect of herd investment,this paper uses the listed private companies from 2012 to 2016 as a sample to explore the relationship between political connection and innovation performance.The empirical evidence shows that political association is negatively related to innovation performance,and that the higher the political level,the greater the curse effect.Herd investments have a debilitating effect on innovation performance,but the effect is not significant;The level of marketization is negatively related to political connections,which has a certain inhibitory effect on herd investment and further modifies the innovation performance of enterprises.This article studies the relationship between political connections and innovation performance through a new perspective of Herd Investment,hoping that its conclusion will have some enlightenment to the current enterprise investment and innovation.