| Under the background of vigorously advocating scientific and technological innovation,financial subsidies as an important means to solve the lack of innovation will and resource constraints of enterprises,its effect is unsatisfactory.Why does the state invest a lot of financial subsidies without significant innovation results,which prompts us to think about whether enterprises cater to the government for innovation activities in order to obtain financial subsidies? A large number of studies have confirmed that the establishment of political linkages helps to obtain financial subsidies,so will political linkages strengthen the catering innovation behavior of enterprises in order to obtain financial subsidies?Based on the SCP analysis framework of industrial economics and the theory of financing constraints and rent-seeking,this paper extracts innovation-related sentences from XYZ company’s annual report as target sentences,and uses Python+jieba Chinese word segmentation toolbox to process Chinese word segmentation.From the four aspects of text emotional degree,complexity,similarity analysis and the number of invention patents and non-invention patents,this paper uses the analytic hierarchy process to construct enterprises.Fiscal subsidies of XYZ Company are easy to induce catering innovative behavior of enterprises,and whether political connections will strengthen the role of enterprises in obtaining financial subsidies through catering innovative behavior,as well as the changes in corporate performance.The research results show that XYZ company has financing constraints,so it uses government subsidy to supplement working capital.The company relies heavily on government subsidy.There is the same dynamic relationship between financial subsidy and the possibility of catering innovation calculated by hierarchical analysis method.Comparedwith the years without political connection,there is a change relationship between the years with political connection and the years without political connection.The amount of financial subsidy in the year of political connection is more than that in the year without political connection.From this,we can draw the following enlightenment: financial subsidy is easy to induce enterprises’ catering innovation behavior;government subsidy through catering innovation can ease financing constraints;political connection can strengthen enterprises’ acquisition of financial subsidy through catering innovation;enterprises obtain financial subsidy through catering innovation activities.To some extent,financial subsidies may weaken the role of financial subsidies in promoting corporate performance.In this regard,put forward the countermeasures from the government and the enterprise level,the government should take measures to reduce the official intention of rent-seeking,passive rent-seeking behavior,enterprises should strengthen the innovation,enhance their core competitiveness.Specific countermeasures are as follows: standardize the behavior of financial subsidies,optimize the selection of subsidies;increase the disclosure of subsidies,strengthen the supervision of financial subsidies;establish an efficiency evaluation system,improve evaluation indicators;change business philosophy,correct use of government subsidies;standardize enterprise innovation behavior,enhance core competitiveness. |
