政治关联与企业创新投资——基于资源冗余和股权集中度视角

Research on Political Connection and Corporate Innovation Investment——From the Perspective of Resource Redundancy and Equity Concentration

结合资源依赖等理论,基于多元回归分析方法,以2014至2018年中国深沪A股上市高新技术企业为研究样本,实证研究了政治关联对企业创新投资的影响及其作用机理,并检验了资源冗余作为企业内部资源存量以及股权集中度对这种影响的调节效应。研究发现,政治关联对企业创新投资具有正向促进作用;政治关联在影响企业创新投资过程中,会受到企业资源冗余和股权集中度的负向调节作用。据此,企业应保持适度政治关联,将外部资源转化为内部优势资源。

Based on the theory of resource dependence and multiple regression analysis,this paper takes the high-tech companies listed on the Shenzhen and Shanghai A-shares in China from 2014 to 2018 as a research sample to examine the impact of political connections on corporate innovation investment and its mechanism of action,and examines the moderating effects of resource redundancy as internal resource stock and equity concentration.The study found that there is a positive correlation between political connections and corporate innovation investment.Among political connections affecting corporate innovation investment,the negative regulation of resource redundancy and equity concentration is more significant.Based on this,companies should maintain appropriate political connections to transform external resources into internal superior resources.This not only enriches the research on the factors affecting the corporate innovation investment,but also provides empirical guidance for enterprise operations to a certain extent.