Abstract: The paper explored the impact of Chinese fiscal decentralization on the firms’ R&D input and the adjusting influence of political connection of firms itself from theoretical and empirical perspective. Due to the local government reliance on regional economical performance , the firms economical effect could proxy for political connection. Based on a sample of listed companies from 2008-2012, it shows that in the regions with higher political promotion pressure, adequate fiscal decentralization and unbalance of state revenue and expenditures, the firms R&D input more likely fewer. The economical effect positive impact the relationship between Chinese fiscal decentralization and R&D input. In addition, the positive influence of economical effect in private firm is strongest, followed by the state-owned firm controlled by local governments and the state-owned firm controlled by central government is weakest.

Key words: R&, D Input

摘要： 文章从理论与实证两个层面对中国式分权对于企业研发投入的影响及政企关系对这种影响效应的调节作用进行探讨。我们构建政企关系的替代变量：上市公司的地区经济影响力，以2008-2012年沪深两市847家上市公司共4235个样本，实证研究表明：晋升压力越大、财政分权越充分、财政收支越不平衡地区的企业，其研发投入强度越低；经济影响力正向调节了晋升压力、财政分权与研发投入的关系，即中国式分权对于经济影响力较大企业研发投入的抑制效应更为明显；进一步研究发现，经济影响力对于中国式分权与研发投入关系的调节作用在民营企业中最大，地方政府控制的国有企业次之；中央政府控制的国有企业最小。