为探索不同的政治关联方式、创新基金与研发投入三者之间的关系,该研究以创业板上市公司2011-2014年的数据为样本进行研究,发现虽然从整体来衡量,政治关联对企业研发投入有显著的消极影响,但是不同的关联方式对研发投入具有不同的影响和作用机制。代表委员类政治关联对企业的研发投入有负向影响,而政府官员类政治关联有助于企业增加研发投入,并且创新基金在其中起到中介作用。

This paper explores the relationships among political connection modes, Innovation Fund and R D investment based on companies listed on GEM from 2011 to 2014, and finds that political connection has negative effects on R D investment as a whole. However, different modes of connection have different effects. If the connected member in the company is a representative of NPC or CPPCC, political connection negatively influences R D investment. The connection built by former government officer helps to promote R D investment, in which innovation fund plays a mediation role.

国家自然科学“母子公司关系网络内信任不对称影响子公司创业的内在机理及治理机制研究”(71472033)；国家教育部人文社科“创业网络内信任不对称影响公司创业的内在机理及治理机制研究”(14YJAZH080)；中央高校基本科研业务费资助项目“母子公司关系网络内连锁董事影响子公司创业的内在机理及治理机制研究”(N140604001)