政治关联、社会资本与企业研发投入——基于信息不对称的视角  

Political Connection, Social Capital and R&D: an Empirical Study Based on Asymmetric Information

作　　者：金江[1] 麦均洪[2] 郑西挺 

机构地区：[1]中山大学国际商学院 [2]华南理工大学金融工程中心

出　　处：《学术研究》2016年第2期95-102,110,共9页Academic Research

摘　　要：基于中国400家创业板上市公司的数据,从信息不对称的角度检验政企关系、社会资本与企业研发投入之间的关系,发现信息不对称和政企关系对企业研发投入具有显著的抑制效应,政企关系会强化信息不对称对研发投入产生的不利影响;社会资本不仅能够增强企业的研发投入水平,还能削弱信息不对称对研发投入产生的不利影响;政企关系和社会资本对企业研发投入的影响可分为直接效应和间接效应,其中,政企关系和社会资本对企业研发投入的影响分别有21.43%和16.67%是通过信息不对称传导的。Based on the data from China Growth Enterprise Market, this paper discusses the relationship among politi-cal connection, social capital, and R&D input from the perspective of asymmetric information. The conclusions imply that information asymmetry and political connections have negative effect on R&D input, and political connections strength the negative relationship between asymmetric information and R&D input. It also finds that social capital has a positive effect on R&D input. And social capital can weaken the negative effect between asymmetric information and R&D input. Finally, the paper establishes the transmission mechanism which politi-cal connection and social capital affect R&D input. Specifically, the indirect effects of political connections and social capital on R&D input through asymmetric information are 21.43% and 16.67% individually.

关 键 词：研发投入 信息不对称 政企关系 社会资本 

分 类 号：F270[经济管理—企业管理]