Abstract: Based on the panel data of listed firms from 2009 to 2013, we empirically analysis the effect of environmental regualtion disturbance on firms’ R&D input and adjustmental effect of government-enterprise relationship. It arrive following conclusions: Firstly, environmental regulation disturbance palys a significantlly negative role in R&D input. Secondly, in firms which have more close government-enterprise relationship, local environmental regulation disturbance plays a more weaker inhibitory effect on the R&D input. Finally, environmental regulation disturbance plays a more obviously inhibitory effect on the R&D input in high environmental regulation level region. , Based on the panel data of listed firms from 2009 to 2013, we empirically analysis the effect of environmental regualtion disturbance on firms’ R&D input and adjustmental effect of government-enterprise relationship. It arrive following conclusions: Firstly, environmental regulation disturbance palys a significantlly negative role in R&D input. Secondly, in firms which have more close government-enterprise relationship, local environmental regulation disturbance plays a more weaker inhibitory effect on the R&D input. Finally, environmental regulation disturbance plays a more obviously inhibitory effect on the R&D input in high environmental regulation level region. , Based on the panel data of listed firms from 2009 to 2013, we empirically analysis the effect of environmental regualtion disturbance on firms’ R&D input and adjustmental effect of government-enterprise relationship. It arrive following conclusions: Firstly, environmental regulation disturbance palys a significantlly negative role in R&D input. Secondly, in firms which have more close government-enterprise relationship, local environmental regulation disturbance plays a more weaker inhibitory effect on the R&D input. Finally, environmental regulation disturbance plays a more obviously inhibitory effect on the R&D input in high environmental regulation level region.

Key words: R&, D input

摘要： 本文利用沪深A股上市公司样本数据，对环境规制扰动对于企业研发投入的影响效应以及政企关系在其中的调节作用进行了实证检验。研究发现：首先，环境规制扰动对于企业研发投入具有显著的抑制效应，面临更强环境规制扰动企业的研发投入更少；其次，政企关系对于环境规制扰动与研发投入之间关系具有调节效应，即政企关系越密切，环境规制扰动对于企业研发投入的抑制效应越弱；最后，当既有环境规制水平较低时，环境规制扰动对于企业研发投入的抑制效应更为明显。, 本文利用沪深A股上市公司样本数据，对环境规制扰动对于企业研发投入的影响效应以及政企关系在其中的调节作用进行了实证检验。研究发现：首先，环境规制扰动对于企业研发投入具有显著的抑制效应，面临更强环境规制扰动企业的研发投入更少；其次，政企关系对于环境规制扰动与研发投入之间关系具有调节效应，即政企关系越密切，环境规制扰动对于企业研发投入的抑制效应越弱；最后，当既有环境规制水平较低时，环境规制扰动对于企业研发投入的抑制效应更为明显。, 本文利用沪深A股上市公司样本数据，对环境规制扰动对于企业研发投入的影响效应以及政企关系在其中的调节作用进行了实证检验。研究发现：首先，环境规制扰动对于企业研发投入具有显著的抑制效应，面临更强环境规制扰动企业的研发投入更少；其次，政企关系对于环境规制扰动与研发投入之间关系具有调节效应，即政企关系越密切，环境规制扰动对于企业研发投入的抑制效应越弱；最后，当既有环境规制水平较低时，环境规制扰动对于企业研发投入的抑制效应更为明显。