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

王宇峰; 张娜

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

引用本文：王宇峰，张娜.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[J].财经理论与实践,2014,(3):60-64

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作者	单位
王宇峰，张娜	（湖南大学工商管理学院，湖南长沙410079）

中文摘要: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。

中文关键词:研发投入债务融资债务期限结构政治联系

Political Connections, Debt Financing, and Firm R&D Investment：Evidence from Listed Companies in China

Abstract:On the basis of listed companies R&D investment data from 2009 to 2011，this paper 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 financing (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.

keywords:R&D investment Debt financing Debt maturity structure Political connection

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