作为衡量企业自主创新活动的重要指标之一的研发支出。本文以中国深沪两市2013-2015年的民营上市公司为样本，在制度环境、关键高管政治关联的背景下，实证检验了民营上市公司高管政治关联与制度环境和研发支出的关系。本文的研究结果还表明，具有政治关联的企业的研发支出水平更低; 企业所在省份的制度环境越好，其研发支出水平越高。研究结论对解释中国企业研发支出水平较低的原因，这对思考中国企业家创新精神激励机制有一定的意义。
关键词 制度环境，关键高管政治关联，研发支出，民营上市公司
Abstract
Choosing institutional environment and key executives political association as basic study background. We select the data of the private listed companies in Shanghai and Shenz during 2013 and 2015 as the study sample as a new view of thought and empirically study the relationship of earnings management and key executives political association. By testing ，the results have proved the suspects. We find that the factors of Chinese enterprise R & D expenditure levels are related to the regression analysis， an empirical test of the relationship between private listed company executives political association and the institutional environment and spending on research and development. The set defined as political connection between the government and enterprises are the hidden relationship between government and enterprises， and key executives political association. The results of this study also show that the level of R & D expenditure of enterprises with political connection is lower， the better the system environment of enterprises in the province， the higher the level of R & D expenditure. The research conclusion has a certain significance to explain the reason of low level of R & D expenditure in Chinese enterprises， and it is meaningful to think about the mechanism of Chinese entrepreneur’s innovation spirit.
Keywords the institutional environment， key executives political association，
R & D expenditure， Listed Private Companies
目 录
1 引言……………………………………………………………………………………2
2 理论分析与研究假设…………………………………………………………………3
2.1政治关联方面的假设…………………………………………………………………
2.2制度环境方面的假设…………………………………………………………………5
3 研究设计 ……………………………………………………………………………6
3.1 样本选择和数据来源 ………………………………………………………………6
3.2 实证模型构建与研究变量说明……………………………………………………7
4 实证结果与讨论………………………………………………………………………8
4.1 描述性统计与相关性分析…………………………………………………………8
4.1.1描述性分析…………………………………………………………………………8
4.1.2相关性分析…………………………………………………………………………9
4.2 回归分析……………………………………………………………………………12
4.2.1制度环境与研发支出的回归分析…………………………………………………12
4.2.2政治关联与研发支出的回归分析…………………………………………………13
4.2.3稳健性分析…………………………………………………………………………14
结论………………………………………………………………………………………15
致谢………………………………………………………………………………………16
参考文献…………………………………………………………………………………17
表1 主要变量的描述性统计 …………………………………………………………12
表2 主要变量之间Pearson检验的相关系数矩阵 …………………………………14
表3假设1的检验结果…………………………………………………………………15
表4假设2的检验结果…………………………………………………………………16
