政治联系、债务融资与企业研发投入来自中国上市公司的经验证据

摘要

以2009~2012年连续四年披露研发投入的中国上市公司为样本，实证检验政治联系、债务融资对企业研发投入行为的影响。结果表明，企业的研发投入面临债务融资约束，债务融资比例(银行借款)与研发投入强度之间呈现负相关关系，长期借款对研发投入强度的债务制约作用比短期借款更大，政治联系对企业的研发投入产生了“挤占”效应，抑制了 R&D投资，虽然给企业带来了一定的长期债务资源，但并未能如预期产生显著的“资源效应”，扭转企业债务融资困境。%On the basis of listed companies R&D investment data from 2009 to 2011,this pa-per empirically studies the influence of political connection and debt financing have on a firm's R&D investment.It is suggested that there is an inverse correlation between the ratio of debt fi-nancing (bank loans)and the R&D investment intensity.Due to a large amount of short-term debts,firms fail to reverse the debt financing constraints.Although political connections bring certain long-term debt resources to firms,they fail to generate significant“resource effect”and do not drive up firms'R&D investment as expected.On the contrary,political connections also bring“crowding-out”effect.