政治联系对中国上市公司的R&D投资具有“挤出”效应吗?  

Do Political Connections Curb R&D Investment of Chinese Listed Firms?

作　　者：杜兴强[1] 曾泉[1] 杜颖洁[1] 

机构地区：[1]厦门大学管理学院

出　　处：《投资研究》2012年第5期98-113,共16页Review of Investment Studies

基　　金：国家自然科学基金项目(71072053);福建省社会科学重点项目(2010A012);中央高校基本科研业务费专项资金(2010221021);厦门大学基础创新科研基金(201122G014)的资助

摘　　要：本文揭示了政治联系这一非正式的制度安排对中国上市公司R&D投资行为的影响。手工搜集了2004-2009年R&D与关键高管政治联系的经验数据,本文实证研究了政治联系是否对R&D具有"挤出"效应。结果表明,政治联系的公司投资于R&D的概率显著更小、R&D投资强度显著更低,即政治联系对R&D投资具有显著的挤出效应。进一步研究发现,相对于非国有上市公司与非高科技企业,政治联系对国有上市公司与高科技上市公司的R&D投资产生了显著的挤出效应。This paper investigates the effects of political connections as an informal institution on R＆D investment behavior of Chinese listed firms. Using a hand-collected sample including R＆D data and political connections data of key top managers of listed finns from 2004-2009, this paper empirically studies whether and how political connections of key top managers curb R＆D investment of Chinese listed firms. The results show that politically connected firms have a significantly lower probability of investing on R＆D, and significantly less intensity of R＆D investment, suggesting that political connections do curb significantly R＆D investment. Furthermore, compared to non-state-owned listed firms, political connections curb significantly R＆D investment of state-owned listed firms, and political connections only curb significantly R＆D investment of high-tech listed firms, compared to non-high-tech listed firms.

关 键 词：政治联系 R&D 挤出效应 

分 类 号：F832.51[经济管理—金融学] F273.1