政治关联、产权控制与经济新常态下创新升级投资  

Upgrading and innovating investment: political connection and ownership control in the new normal of Chinese economy

作　　者：吴宝[1,2] 俞威 沈嫣 WU Bao;YU Wei;SHEN Yan(China Institute for Small and Medium Enterprises,Zhejiang University of Technology,Hangzhou 310023,China;School of Economics and Management,Zhejiang University of Technology,Hangzhou 310023,China;School of Jing Hengyi Honors College,Hangzhou Normal University,Hangzhou 310012,China)

机构地区：[1]浙江工业大学中国中小企业研究院,浙江杭州310023 [2]浙江工业大学经贸管理学院,浙江杭州310023 [3]杭州师范大学经亨颐学院,浙江杭州310012

出　　处：《浙江工业大学学报（社会科学版）》2018年第2期179-185,共7页Journal of Zhejiang University of Technology：Social Sciences

基　　金：国家社科基金青年项目(14CSH07);浙江省哲学社会科学规划课题(18NDJC201YB)

摘　　要：考察了我国经济进入新常态之后,公司高管的政治关联对创新升级投资的影响效应,以及国有持股和家族控制两种产权控制形式的调节作用。证据表明,高层管理人员(董事长和总经理)的政治关联与企业的创新升级投资呈显著正相关关系。无论是国有持股还是家族控制都将负向地调节政治关联对创新升级投资的影响效应。由此推论,具有开放股权结构的非家族化经营的民营企业,更容易透过高管政治关联,接受政府创新升级政策导向的影响。The paper investigates the effects of political connection and government ownership and family control on industrial upgrading investment and firm performance,in the context of new normal of Chinese economy.Based on empirical evidences,the paper has found that political connection of top executives is positively associated with upgrading investment,and the relationship between political connection and upgrading investment is negatively moderated by government ownership and family control.

关 键 词：政治关联 创新升级投资 政府股权 家族控制 经济新常态 

分 类 号：F301.2[经济管理—产业经济]