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| 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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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.
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Received: 25 May 2018
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