| 高管政治关联和企业创新投入 |
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| 引用本文： | 黄丽英,何乐融.高管政治关联和企业创新投入[J].研究与发展管理,2020,32(2):11-23. |
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| 作者姓名： | 黄丽英 何乐融 |
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| 作者单位： | 福州大学,福州大学 |
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| 基金项目： | 国家自然科学基金面上项目“信息不对称下信息披露与市场竞争理论、实证与政策设计”(71673048)。 |
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| 摘 要： | 创新是企业获得竞争优势并在市场竞争中立于不败之地的重要源泉，但是由于市场制度的不完善，中国企业常常借助政治关联而非技术创新来开拓市场。在制度基础观的分析框架下，本文以2009-2016期间在深圳、香港和美国创业板市场上市的中国制造业企业为样本，利用HECKMAN两阶段模型和混合截面层次回归方法实证检验了高管政治关联对企业创新投入的影响，并考察了企业境外上市、中央强力反腐败斗争和行业管理决断权的调节作用。本文结果显示：（1）高管政治关联与企业创新投入之间存在显著的负相关关系；（2）相比境外上市企业，境内上市企业的高管政治关联与企业创新投入的负相关关系更显著；（3）当企业所在的行业管理决断权较高时，高管政治关联与企业创新投入的负相关关系更显著；（4）对非国有企业而言，中央开展大力反腐败斗争后，高管政治关联与企业创新投入之间的负相关关系明显增强。研究结论拓展了高管政治关联和企业创新投入的实证研究，深化了制度基础观在中国情境下的应用，具备重要的实践意义。
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| 关 键 词： | 企业创新 政治关联 制度环境 创业板 |
| 收稿时间： | 2018/9/4 0:00:00 |
| 修稿时间： | 2019/6/17 0:00:00 |
Executive Political Connection and Corporate Innovation Investment |
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| Lerong HE.Executive Political Connection and Corporate Innovation Investment[J].R&d Management,2020,32(2):11-23. |
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| Authors: | Lerong HE |
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| Institution: | Fuzhou University |
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| Abstract: | Innovation is crucial for business to achieve and sustain competitive advantage. However, imperfect market conditions caused by institutional void prompt Chinese firms to rely on political connections instead of innovation to achieve market advantage. This study investigates the influence of executive political connection on firm R&D investment. Importantly, it explores moderating roles of institutional environment and industry characteristics on such a relationship. This study is conducted using a sample of Chinese manufacturing firms listed on the Growth Enterprise Markets in Shenzhen, Hong Kong and United States between 2009 and 2016 by applying the Heckman two-stage model and the pooled OLS model. We document a significant negative relationship between executive political connection and R&D investment intensity. We also find that this negative relationship is stronger among domestically listed firms. In addition, there is evidence that firms operating in high managerial discretion industries show a stronger negative correlation between executive political connection and innovation investment. Moreover, our results indicate that the negative impact of political connection on R&D investment intensity is even stronger in privately controlled enterprises after the initiation of the anti-corruption campaign in China. Our study augments extant literature on political connection and corporate innovation. It also highlights the role of institutional context on influencing corporate decisions and promoting innovation, thus possesses significant practical importance as well. |
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| Keywords: | Corporate Innovation Political Connections Institutional Environment Growth Enterprise Market |
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