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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。
This article reveals the influence of the informal institutional arrangement of political connections on the R & D investment behavior of Chinese listed companies. Manually collected empirical data on the political connections between R & D and key executives from 2004 to 2009, this paper empirically examined whether political ties have an “extrusion” effect on R & D. The results show that politically connected firms have a significantly lower probability of investing in R & D and R & D investment intensity is significantly lower, ie, political ties have a significant crowding-out effect on R & D investment. Further research finds that, compared with non-state-owned listed companies and non-high-tech enterprises, political connections have a significant crowding-out effect on the R & D investment of state-owned listed companies and high-tech listed companies.