关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型与实证研究  

The Multiple Relationship Model and Empirical Research of Institutional Environment,Political Connections,Financing Constraints and R&D Investment

作　　者：严若森[1] 姜潇 YAN Ruosen;JIANG Xiao(Wuhan University,Wuhan,China)

机构地区：[1]武汉大学经济与管理学院

出　　处：《管理学报》2019年第1期72-84,共13页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70502024);教育部新世纪优秀人才支持计划资助项目(NCET-11-0412);教育部人文社会科学研究规划基金资助项目(18YJA630126)

摘　　要：将制度环境、政治关联、融资约束与企业研发投入纳入同一研究框架,并藉此构建了一个关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型,以2012～2015年中国A股民营高新技术上市企业为样本,进行了系列相关实证研究。研究表明:(1)融资约束与企业研发投入负相关,融资约束程度越高,企业研发投入越低;(2)政治关联与企业研发投入正相关,政治关联对企业研发投入具有促进作用;(3)政治关联与融资约束负相关,政治关联有助于缓解企业的融资约束;(4)政治关联对融资约束与企业研发投入之间的负向关系能够起到正向调节作用;(5)随着制度环境的完善,政治关联对融资约束的缓解作用不再显著,政治关联对融资约束与企业研发投入之间关系的调节作用亦会弱化。In this study,the institutional environment,political connections,financing constraints and corporate R&D investment are included in the same research framework,thereby a multiple relationship model of the institutional environment,political connections,financing constraints and R&D investment is constructed.Using the A-share private high-tech listed companies during the period 2012~2015 as samples,a series of empirical studies are conducted.The research results show that:①The financing constraints are negatively related to the R&D investment;the higher the degree of financing constraints,the lower the R&D investment of the company.②The political connections are positively related to the R&D investment of the company;In other words,the political connections have a positive effect on the R&D investment of the company.③The political connections are negatively related to financing constraints;Political connections can help mitigate the financing constraints to enterprises.④The political connections can positively moderate the negative relationship between financing constraints and corporate R&D investment.⑤With the improvement of the institutional environment,the mitigative effect of political connections on financing constraints will no longer be significant,and the moderating effect of political connections on the relationship between financing constraints and corporate R&D investment will also be weakened.

关 键 词：制度环境 政治关联 融资约束 企业研发投入 多重关系模型 

分 类 号：C93[经济管理—管理学]