| 政治联系对中国上市公司的R&D投资具有“挤出”效应吗? |
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| 引用本文： | 杜兴强,曾泉,杜颖洁.政治联系对中国上市公司的R&D投资具有“挤出”效应吗?[J].投资研究,2012(5):98-113. |
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| 作者姓名： | 杜兴强 曾泉 杜颖洁 |
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| 作者单位： | 厦门大学管理学院 |
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| 基金项目： | 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 |
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| 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。
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| 关 键 词： | 政治联系 R&D 挤出效应 |
Do Political Connections Curb R&D Investment of Chinese Listed Firms? |
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| Du Xingqiang , Zeng Quan , Du Yingjie.Do Political Connections Curb R&D Investment of Chinese Listed Firms?[J].Investment Research,2012(5):98-113. |
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| Authors: | Du Xingqiang Zeng Quan Du Yingjie |
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| Institution: | Du Xingqiang , Zeng Quan , Du Yingjie |
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| Abstract: | 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 firms 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. |
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| Keywords: | Political Connections R&D Crowding out effect |
| 本文献已被 CNKI 等数据库收录！ |
