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Political Connection, Diversification Strategy and R&D Investment of Enterprise--Analysis on Panel Data from Chinese Private Listed Companies

The research about the political connection and R&D investment has been a key position in the field of business management. This paper combs the internal mechanism and effects of the relationship between the political connection, diversification strategy and enterprise's R&D investment as well as forms the multi-level study system of the impact of political connection to enterprise R&D investment. And then an empirical test about how political connection affects the enterprise's R&D investment is taken from the samples including some enterprises which are small and medium-size (SME) board listed companies in Shenzhen from 2009 to 2012. The main conclusions are as follows: Firstly, we find that the relationship between political connection and R&D investment displays “U” type, that is to say, within certain limits, political connection has a negative impact on R&D investment, but more than a certain value, the political connection positively influences the R&D investment; Secondly, compared to no diversified strategy enterprises, political connection has a more negative effect on R&D investment in diversified strategy enterprises. Further, compared to the implementation of the unrelated diversification, the political association has a more negative impact on R&D investment in the implementation of related diversification enterprises.