中文摘要：

以深圳证券交易市场2009—2013年创业板上市公司为样本，检验了媒体治理、政治关联与研发投资之间的关系。实证分析结果显示，媒体治理作用越强，公司的研发投资就越多。这表明，媒体能够有效发挥监督治理作用，促进公司创新。进一步分析显示，政治关联对媒体治理与研发投资之间的关系具有明显的反向调节作用。这意味着，政治关联抑制了媒体的治理作用.

英文摘要：

Based on the data^from2009to2013,on the GEM listed companies,this paper explores the relationship betweenthe media govemance?the political Connection and the campames R&-D inye&tment.Empirical test shows that thestronger the media goviefnance,the more the companies/R&-D investm ent,whieh implies;that the media can effectivelyplay the role of supervision and go'eemance,and prom ate the companies"innovation.Further analysis shows that the politicalconnection can play a yeveise regulation role in tlie relEtiorLship between the media governance and the R&D investment.The result means that the political connection inhibits the governanee of the media,Tke study enriclie§;the contentof innovation and madia governafieat and proTideis valuable theofetical reference for the c〇mpanijes,R&-D iny6iStment deei-SiOti,