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关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型与实证研究
严若森,姜潇
武汉大学经济与管理学院
The Multiple Relationship Model and Empirical Research of Institutional Environment, Political Connections, Financing Constraints and R&D Investment
YAN Ruosen,JIANG Xiao
Wuhan University, Wuhan, China

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摘要 将制度环境、政治关联、融资约束与企业研发投入纳入同一研究框架,并藉此构建了一个关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型,以2012~2015年中国A股民营高新技术上市企业为样本,进行了系列相关实证研究。研究表明:①融资约束与企业研发投入负相关,融资约束程度越高,企业研发投入越低;②政治关联与企业研发投入正相关,政治关联对企业研发投入具有促进作用;③政治关联与融资约束负相关,政治关联有助于缓解企业的融资约束;④政治关联对融资约束与企业研发投入之间的负向关系能够起到正向调节作用;⑤随着制度环境的完善,政治关联对融资约束的缓解作用不再显著,政治关联对融资约束与企业研发投入之间关系的调节作用亦会弱化。
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严若森
姜潇
关键词 制度环境 政治关联 融资约束 企业研发投入 多重关系模型    
Abstract:In this study, the institutional environment, political connections, financing constraints and corporate R&D investment are included in the same research framework, thereby a multiple relationship model of the institutional environment, political connections, financing constraints and R&D investment is constructed. Using the A-share private high-tech listed companies during the period 2012~2015 as samples, a series of empirical studies are conducted. The research results show that: ①The financing constraints are negatively related to the R&D investment; the higher the degree of financing constraints, the lower the R&D investment of the company. ②The political connections are positively related to the R&D investment of the company; In other words, the political connections have a positive effect on the R&D investment of the company. ③The political connections are negatively related to financing constraints; Political connections can help mitigate the financing constraints to enterprises. ④The political connections can positively moderate the negative relationship between financing constraints and corporate R&D investment. ⑤With the improvement of the institutional environment, the mitigative effect of political connections on financing constraints will no longer be significant, and the moderating effect of political connections on the relationship between financing constraints and corporate R&D investment will also be weakened.
Key wordsthe institutional environment    political connections    financing constraints    R&D investment    multiple relationship model   
收稿日期: 2018-05-25     
基金资助:国家自然科学基金资助项目(70502024);教育部新世纪优秀人才支持计划资助项目(NCET-11-0412) ;教育部人文社会科学研究规划基金资助项目(18YJA630126)
通讯作者: 严若森(1971~),男,湖南华容人。武汉大学(武汉市430072)经济与管理学院教授、博士研究生导师,博士。研究方向为公司治理、企业理论、制度理论与战略管理。     E-mail: yrforest@163.com
引用本文:   
严若森,姜潇. 关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型与实证研究[J]. 管理学报, 2019, 16(1): 72-. YAN Ruosen,JIANG Xiao. The Multiple Relationship Model and Empirical Research of Institutional Environment, Political Connections, Financing Constraints and R&D Investment. Chinese Journal of Management, 2019, 16(1): 72-.
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