CAJ | 학술논문

以2008～2013年中国高端装备制造业上市公司为样本，对政治关联、公司治理与研发创新之间的关系进行实证研究。股权制衡、董事会独立性和高管激励对企业研发创新有显著的促进作用，但股权的过于集中不利于企业的研发创新；政治关联会直接或间接地影响研发创新效率，且具有政治关联的企业能够有效减弱股权过分集中对研发创新的抑制作用，增强董事会独立性和股权制衡对研发创新有促进作用。
이2008～2013년중국고단장비제조업상시공사위양본，대정치관련、공사치리여연발창신지간적관계진행실증연구。고권제형、동사회독립성화고관격려대기업연발창신유현저적촉진작용，단고권적과우집중불리우기업적연발창신；정치관련회직접혹간접지영향연발창신효솔，차구유정치관련적기업능구유효감약고권과분집중대연발창신적억제작용，증강동사회독립성화고권제형대연발창신유촉진작용。
Taking listed com panies of high equipm ent m anufacturing industry from 2008 to 2013 as sam ples, this paper studies the relationship am ong political connection,corporate governance and R＆D innovation. T he research show s that the balanced concentrated ow nership structure,board independence and executive incentive can prom ote R＆D innova-tion but ow nership over-concentration is not conducive to the com pany’s R＆D innovation. It also show s that political connection w ill directly or indirectly affect the innovation efficiency, and that the political connected enterprises can ef-fectively w eaken the inhibition of over-concentration on R＆D innovation and greatly strengthen the prom oting effects of board independence,the balanced concentrated ow nership structure on R＆D innovation.