【作者】 李钊；

【导师】 胡颖毅；

【作者基本信息】 西南财经大学 ， 金融学， 2019， 硕士

【副题名】基于中国上市民营企业的实证研究

【摘要】 我国经济已经到了结构调整和转型的关键阶段,以创新驱动发展成为了企业的必然选择。民营经济是国民经济的重要组成部分,其创新活动受到内外多种因素的影响,而民营企业的政治关联作为其重要的社会资本究竟会如何影响企业的创新活动是值得我们关注的话题。另一方面,对于企业而言,只有能够推动业绩上涨的创新才是真正有价值的创新,但是创新是一项具有风险性的投资活动,创新效率的高低也会影响其对企业业绩的作用,那么在我国民营企业中,创新投入到底能否直接推动企业业绩提升?而民营企业的政治关联又能否在其中起到调节作用呢?本文以2009-2014年我国A股上市民营企业为研究样本,分别研究了政治关联对企业创新的影响、企业创新对企业绩效的影响以及政治关联对企业创新与企业绩效关系的调节作用三个方面的问题。首先,本文从影响企业创新的相关因素研究、政治关联的相关研究以及企业绩效的相关研究三个方面将已有文献进行了梳理。接下来,根据已有的研究文献并结合社会资本理论、高层梯队理论和寻租理论等,做出了本文的研究假设。接下来,在实证分析部分,对本文研究所需的变量进行了选择和处理。研究中所需的解释变量和被解释变量分别为政治关联、研发投入和真实业绩。其中,政治关联指标是衡量企业董事长或总经理是否具有政治背景的哑变量,研发投入指标为经过营业收入调整后的研发投入金额,用以度量企业业绩的指标为经过企业规模调整后的息税前利润减去可操控性应计项目所得,与大多数研究采用的名义会计业绩(ROA、ROE等)相比具有更强说服力。根据对数据的统计分析,结果表明样本中有48.16%的企业均存在政治关联,一方面说明了民营企业家参与政治生活的热情高涨,另一方面也表明了与政府部门建立政治关联是民营企业的普遍现象。紧接着本文根据设定的模型对数据进行了回归分析,结果表明政治关联会抑制企业的创新行为,而企业创新对真实业绩并没有显著促进作用,政治关联在其中也没有显著的调节作用。考虑到原模型中由于样本选择偏差和互为因果等导致的内生性问题,本文分别采用倾向得分匹配法和工具变量法对原假设再次进行了分析,结果表明政治关联对企业创新行为的抑制作用依旧存在,而修正内生性问题后企业创新是可以显著提升企业绩效的,但是政治关联对企业创新和企业绩效关系的调节作用依旧不显著。为了保证实证结果的可靠性,本文做了大量的稳健性分析。分别用研发投入占总资产比重替换原有的研发投入指标、用高管团队中具有政治背景的人数比例替换原有的政治关联指标,用名义会计利润ROA、ROE替换真实业绩指标,研究结果与原结论基本一致。在结论部分,本文首先系统地对研究结论进行了总结,并根据研究结论从企业和政府部门两个层面提出了相应的政策建议。最后,针对本文尚未完善的部分,还提出了研究展望。更多还原

【Abstract】 China’s economy has reached a critical stage of structural adjustment and transformation,and innovation-driven development has become an inevitable choice for enterprises.The private economy is an important part of the national economy.Its innovation activities are influenced by many internal and external factors.The political connection of private enterprises as a key social capital will affect the innovation activities of enterprises is a topic worthy of our attention.On the other hand,for enterprises,only innovations that can promote performance growth are truly valuable innovations,but innovation is a risky investment activity,and the level of innovation efficiency will also affect its role in business performance.Then,in China’s private enterprises,can innovation investment directly promote the improvement of corporate performance? And can the political connection of private enterprises play a regulatory role in it? This paper takes the 2009-2014 A-share listed private enterprises as the research sample,and studies the influence of political connection on enterprise innovation,the impact of enterprise innovation on corporate performance and the role of political association in regulating the relationship between enterprise innovation and corporate performance.First of all,this paper combs the existing literature from three aspects: the research on related factors affecting enterprise innovation,the related research on political connection and the related research on corporate performance.Next,based on the existing research literature combined with social capital theory,high-level echelon theory and rent-seeking theory,the research hypothesis of this paper is made.Next,in the empirical analysis section,the variables required for this study were selected and processed.The explanatory variables and explanatory variables required in the study are political connection,R&D investment and real performance.Among them,the political correlation indicator is a dummy variable that measures whether the chairman or general manager of the company has a political background.The R&D investment indicator is the amount of R&D investment after adjustment of operating income.The indicator used to measure the performance of the enterprise is the adjusted interest rate after the enterprise scale.Pre-tax profit minus deductible accruals is more convincing than the nominal accounting performance(ROA,ROE,etc.)used in most studies.According to the statistical analysis of the data,the results show that 48.16% of the enterprises in the sample have political connections.On the one hand,the enthusiasm of private entrepreneurs to participate in political life is high,on the other hand,it shows that the political connection with the government departments is a private enterprise.The general phenomenon.Following the regression analysis of the data according to the set model,the results show that the political relationship will inhibit the innovation behavior of the enterprise,and the enterprise innovation does not significantly promote the real performance,and the political connection has no significant adjustment effect.Considering the endogeneity problems caused by sample selection bias and mutual causality in the original model,the original hypothesis is analyzed again by the propensity score matching method and the instrumental variable method.The results show that the political association inhibits the innovation behavior of enterprises.It still exists,and enterprise innovation can significantly improve corporate performance after correcting endogeneity problems,but the role of political connections in regulating corporate innovation and corporate performance is still not significant.In order to ensure the reliability of the empirical results,this paper has done a lot of robustness analysis.Replacing the original R&D investment indicators with R&D investment as the total assets,replacing the original political correlation indicators with the proportion of the political background of the senior management team,replacing the real performance indicators with the nominal accounting profits ROA and ROE,and the research results and The original conclusions are basically the same.In the conclusion part,the paper firstly summarizes the research conclusions systematically,and proposes corresponding policy recommendations from the two levels of enterprises and government departments according to the research conclusions.Finally,the research prospects are also proposed for the parts that have not been perfected in this paper.更多还原