| In recent years,China’s economy is undergoing a period of rapid development and high-quality development.The economic growth model is driven by factors-driven innovation.The innovation drive is the fate of the country.The innovation is the national economy,and the enterprise is the main body of innovation.Continuously increase R&D investment to improve innovation capabilities.However,under the temptation of the excess returns of the financial industry,the R&D investment of enterprises faces large adjustment costs.In addition,enterprise innovation has the characteristics of long investment cycle,large investment amount and uncertainty of output,which leads to huge investment in innovation and no It must promote the performance of the company.At the same time,due to the information asymmetry in the market,the external financing of enterprises will be subject to certain financing constraints.Therefore,when companies are faced with R&D investment and other investment decisions,managers who want to get high pay will choose investment projects that can achieve higher returns in the short term,rather than R&D investment.China is an economy with the characteristics of “emerging and transformation” system.The key credit resource allocation is still in the hands of the government,and the distribution of bank credit resources changes with the government.Therefore,enterprises often obtain bank loans through the establishment of political connections to alleviate the financing constraints faced by enterprises.Enterprises have strong motivation to establish political connections and constitute an important aspect of corporate strategic decision-making and business behavior.In fact,political connections have many advantages for enterprises.First,they can compensate for the damage caused by imperfect market mechanisms.Second,they can transmit signals to the market and reflect the reputation of enterprises.In economies where market mechanisms are not fully established,credit institutions often use corporate quality signals conveyed by political connections as an important tool for risk identification.Therefore,in a transitional economy,companies with political connections are often favored by credit institutions,and it is easier to obtain bank loans to ease the financing constraints faced by companies.It can be seen that in the current institutional environment,there is a certain relationship between political connections,financing constraints and R&D investment.However,the existing research rarely analyzes the three into a unified framework,and the existing literature does not highlight the role of financing constraints in the relationship between the three.Most of the literature only explores the two between these three variables.Two relations.However,only by clarifying the mechanism of action between these three,can we adopt symptomatic policy measures to solve the problem of insufficient investment in innovation,which is the core of this research.This paper takes the panel data of Shanghai-Shenzhen A-share listed companies in 2009-2017 as the research sample,and divides enterprises into two types according to the nature of property rights: state-owned and private-owned,and examines whether financing constraints are the mediating factors that influence the political connection on the R&D investment of enterprises..On the basis of theoretical analysis,empirical research on the empirical data of listed companies in China reveals:(1)Political connection inhibit corporate R&D investment,but there are differences in the level of significance among firms with different property rights;(2)political linkages ease financing constraints;(3)financing constraints lead to politics The important intermediaries that influence the impact on R&D investment of enterprises. |
