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中文摘要：
基于政治关联视角,本文以创业板高新技术企业为研究对象,讨论了政府补助、研发支出和市场价值三者的关系。研究发现,创业板的高新技术企业并没有有效地将政府给予的资源投入到技术研发上,政治关联尽管能给企业带来更多的政府补助,但却反而削弱了企业的研发创新能力,未能带来企业市场价值的提高,政府资源的配置存在严重的失效。
英文摘要：
Based on the political connection perspective, and wsing high tech firms in the growth enterprises market as our re- search subjects, we discuss the relation among government subsidy, R＆D expenditure and market value. We find that high tech firms in the growth enterprises market don＇t put the government resource into technology innovation effectively, while political connection does bring more government subsidy, it weakens the R＆D innovation ability of firms, and it doesn＇t increase the market value of enterprises, Severe ineffectiveness exists in the allocation of government resource.
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