政治关联、研发投资与企业成长

发布时间：2018-06-24 09:14

本文选题：政治关联 + 研发投资　；参考：《大连理工大学学报(社会科学版)》2017年04期

【摘要】：把中国企业家热衷的政治关联与企业能力建设的核心要素——研发投资置于融资约束的背景下,采用动态分析思想从资源获取与资源配置两个角度对企业成长的影响机制进行了分析,发现中国企业面临生存与发展的艰难选择。利用2008~2013年中国制造业A股上市的企业数据,对其进行实证检验,结果表明:第一,从资源获取角度,政治关联直接促进了当期企业生存,有利于企业成长,但长期效应不明显;从资源配置角度,研发投资对企业成长具有长期正向效应,但对企业当期成长影响不显著;第二,政治关联通过获取信贷资金和股权资金均能缓解当期企业的融资约束并促进企业成长,但股权资金长期效应更明显;政治关联通过获取信贷融资、股权融资支持的研发投资活动短期正向影响企业成长,但考虑资源配置的负效应,其长期影响不确定。
[Abstract]:In the context of financing constraints, R & D investment, the core element of Chinese entrepreneurs' keen political connection and enterprise capacity building, is put under the background of financing constraints. This paper analyzes the influence mechanism of enterprise growth from two angles of resource acquisition and resource allocation by using the idea of dynamic analysis, and finds out that Chinese enterprises are faced with the difficult choice of survival and development. Based on the data of A-share listed enterprises in China's manufacturing industry from 2008 to 2013, the results show that: first, from the perspective of resource acquisition, political connections directly promote the survival of current enterprises, which is conducive to the growth of enterprises, but the long-term effect is not obvious; From the perspective of resource allocation, R & D investment has a long-term positive effect on the growth of enterprises, but it has no significant effect on the current growth of enterprises. Political association can ease the financing constraints and promote the growth of current enterprises by obtaining credit funds and equity funds, but the long-term effect of equity funds is more obvious. The R & D activities supported by equity financing have a positive impact on the growth of enterprises in the short term, but the long-term impact is uncertain considering the negative effects of resource allocation.
【作者单位】：大连理工大学管理与经济学部;
【基金】：国家自然科学基金项目:“R&D资金配置主体技术选择协同与配置效率提升机制研究:产品空间理论视角”(71473025) 辽宁省社科规划基金项目:“辽宁省区域金融生态环境评价及优化路径研究”(L15CJY015) 辽宁哲学社会科学规划基金重点项目:“调结构与稳增长关系研究”(L16AJL002)
【分类号】：D0;F273.1;F425

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