媒体治理、政治关联与研发投资

以深圳证券交易市场2009-2013年创业板上市公司为样本，检验了媒体治理、政治关联与研发投资之间的关系。实证分析结果显示，媒体治理作用越强，公司的研发投资就越多。这表明，媒体能够有效发挥监督治理作用，促进公司创新。进一步分析显示，政治关联对媒体治理与研发投资之间的关系具有明显的反向调节作用。这意味着，政治关联抑制了媒体的治理作用。

Media Governance,Political Connection and R & D Investment---Empirical Research on GEM Listed Companies

Based on the data ,from 2009 to 2013 ,on the GEM listed companies ,this paper explores the relationship be‐tw een the media governance ,the political Connection and the companies'R&D investment .Empirical test show s that the stronger the media governance ,the more the companies'R&D investment ,w hich implies that the media can effectively play the role of supervision and governance ,and promote the companies'innovation .Further analysis show s that the politi‐cal connection can play a reverse regulation role in the relationship betw een the media governance and the R&D invest‐ment .The result means that the political connection inhibits the governance of the media .The study enriches the content of innovation and media governance ,and provides valuable theoretical reference for the companies'R&D investment deci‐sio n .