中文摘要：

以中国深圳证券交易所创业板上市公司的数据为基础，基于社会资本互惠互换理论，通过实证研究发现：企业家地方政治关联不利于企业技术创新，研发投资在二者之中起到了中介作用，而低成本战略作为调节变量弱化了研发投资对技术创新绩效的影响作用．一方面，对地方政府而言，不要仅仅关注GDP增长而给企业施加太大的压力，而应该给企业提供勇于探索和创新的平台．另一方面，企业在与政府建立关联之后，应利用好从政府手中获取的稀缺资源和便利条件，投入到创新项目之中，为企业带来新的转变，这才是资源的良好利用．低成本战略是不利于产出创新成果的，企业不要一味地追求低成本高利润的经营模式，在长期计划部署上做出更多关于创新产品的规划．

英文摘要：

In order to study the effect of the entrepreneur＇s political connections with local government on technological innovation performance, we choose R＆D investment as mediator variable and low-cost strategy as moderator variable, trying to make a deep analysis of the specific mechanism between them. Selecting data from listed companies on GEM in Shenzhen Stock Exchange, based on the theory of mutual return of social capital, we do empirical study by using SPSS software and find： the entrepreneur＇s political connections with local government go against technological innovation performance, R＆D investment plays a mediating role between them, low-cost strategy plays a moderating role to weaken the influence of R＆D investment in technological innovation performance. On the one hand, the local government shouldn＇t just focus on the growth of GDP and exert too much pressure on the enterprise, but to perfect the appraisal rules and provide them a platform to explore and innovate. On the other hand, when the connection is established, the enterprise should make full use of scarce resources and convenient condition to invest into innovative projects for new changes. It is a good use of resources and a fundamental policy for the sustainable development of enterprises. Meanwhile, the low-cost strategy is not conducive to innovative output. In daily business activities,enterprises shouldn＇t blindly pursue low-cost and high-profit business model, but view things in the long run and deploy more innovative product investment.