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文章用CAPM回归得到的R平方度量以创新投入为代表的公司特质信息,并根据政治关系强弱把样本分为国有控股与非国有控股公司,然后运用差分中的差异(DID)与面板数据回归技术对政治关系与创新投入产出效率的关系进行了实证研究。研究发现:没有证据表明政治关系有利于企业进行技术效率改进或创造性破坏活动,政治关系还会使得大规模企业的创新效率有所降低;此外,规模的扩大有利于企业加大技术效率改进投入力度,但会使企业技术进步与创造性破坏活动的投入效率降低。
This paper uses the R square measure of CAPM regression to measure the company trait information represented by innovation investment and classifies the sample into state-controlled and non-state-controlled companies according to the strength of political relations. Then, using the difference between differences (DID) and panel data regression Empirical study on the relationship between political relations and innovation input-output efficiency. The study found that: there is no evidence that political relations are conducive to technological efficiency or creative destruction of business activities, political relations will make large-scale innovation in the efficiency of enterprises has been reduced; In addition, the expansion of the scale is conducive to enterprises to increase investment in technical efficiency improvement , But will reduce the efficiency of investment in technological progress and creative sabotage by enterprises.