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本文以2005-2014年的中国A股民营高新技术上市公司为样本,实证分析了高新技术企业认定对民营企业技术创新的激励效应及政治关联对其的调节作用。研究结果显示,高新技术企业认定显著激励了民营企业技术创新,且这种激励效应只存在于非家族企业、2008年后新认定的高新技术企业和认定前无税收优惠的企业中。进一步的检验发现,政治关联显著正向调节高新技术企业认定的技术创新激励效应,且这种调节效应只存在于政府干预较多、金融发展水平低和知识产权保护程度低的地区。本文的检验结果表明在我国正式制度不断完善的同时,依然存在企业谋求政治关联的寻租行为,且政治关联依然发挥着重要的资源获取作用。
Based on the sample of A-share private high-tech listed companies in China from 2005 to 2014, this dissertation empirically analyzes the incentive effects that high and new technology enterprises have identified to private enterprises in technological innovation and the regulatory role of political connections. The results show that high and new technology enterprises have significantly encouraged the technological innovation of private enterprises, and this incentive effect exists only in non-family-owned enterprises, newly identified high-tech enterprises after 2008 and enterprises without preferential tax treatment. Further examination found that the political connection significantly and positively adjusted the incentive effect of technological innovation identified by high-tech enterprises, and this regulatory effect exists only in areas with more government intervention, low level of financial development and low level of intellectual property protection. The test results of this paper show that while the formal system in our country continues to improve, there still exists rent-seeking behavior in which enterprises seek political connections, and political connections still play an important role in resource acquisition.