关键词: 民营企业, 政治联系, 非生产性支出, R& D投资, 制度环境, Private Enterprises, Political Connections, Non-Productive Expenditures, R&D, Institutional Environment

Abstract: It is a very common phenomenon that private enterprises have political connections with government. There were not consistent conclusions about the effect of private enterprises’ political connections on corporate value and financial performance in literatures. There was also less researches on cost consequences of private enterprises’ political connections. So, the paper studies the effect of private enterprises’ political connections on corporate non-productive expenditures and R& D investment. We find there is a significant positive relationship between private enterprises’ political connections and corporate non-productive expenditures, and this relationship is more prominent in the areas which institutions environment is poor. We also find there is a significant negative relationship between private enterprises’ political connections and corporate R&D investment, and the relationship is more prominent in the areas which institutions environment is poor. The finds show that although private companies may gent rent through establishing political connections with government, but they also undertake the corresponding costs such as increase of non-productive expenditures and reduce of R& D investments. So there is an uncertainty of the effect of private enterprises’ political connections on corporate value and financial performance and private enterprises should carefully consider the strategy of political connections with government.