Political Connection,Enterprise Innovation And Real Performance

China's economy has reached a critical stage of structural adjustment and transformation,and innovation-driven development has become an inevitable choice for enterprises.The private economy is an important part of the national economy.Its innovation activities are influenced by many internal and external factors.The political connection of private enterprises as a key social capital will affect the innovation activities of enterprises is a topic worthy of our attention.On the other hand,for enterprises,only innovations that can promote performance growth are truly valuable innovations,but innovation is a risky investment activity,and the level of innovation efficiency will also affect its role in business performance.Then,in China's private enterprises,can innovation investment directly promote the improvement of corporate performance? And can the political connection of private enterprises play a regulatory role in it? This paper takes the 2009-2014 A-share listed private enterprises as the research sample,and studies the influence of political connection on enterprise innovation,the impact of enterprise innovation on corporate performance and the role of political association in regulating the relationship between enterprise innovation and corporate performance.First of all,this paper combs the existing literature from three aspects: the research on related factors affecting enterprise innovation,the related research on political connection and the related research on corporate performance.Next,based on the existing research literature combined with social capital theory,high-level echelon theory and rent-seeking theory,the research hypothesis of this paper is made.Next,in the empirical analysis section,the variables required for this study were selected and processed.The explanatory variables and explanatory variables required in the study are political connection,R&D investment and real performance.Among them,the political correlation indicator is a dummy variable that measures whether the chairman or general manager of the company has a political background.The R&D investment indicator is the amount of R&D investment after adjustment of operating income.The indicator used to measure the performance of the enterprise is the adjusted interest rate after the enterprise scale.Pre-tax profit minus deductible accruals is more convincing than the nominal accounting performance(ROA,ROE,etc.)used in most studies.According to the statistical analysis of the data,the results show that 48.16% of the enterprises in the sample have political connections.On the one hand,the enthusiasm of private entrepreneurs to participate in political life is high,on the other hand,it shows that the political connection with the government departments is a private enterprise.The general phenomenon.Following the regression analysis of the data according to the set model,the results show that the political relationship will inhibit the innovation behavior of the enterprise,and the enterprise innovation does not significantly promote the real performance,and the political connection has no significant adjustment effect.Considering the endogeneity problems caused by sample selection bias and mutual causality in the original model,the original hypothesis is analyzed again by the propensity score matching method and the instrumental variable method.The results show that the political association inhibits the innovation behavior of enterprises.It still exists,and enterprise innovation can significantly improve corporate performance after correcting endogeneity problems,but the role of political connections in regulating corporate innovation and corporate performance is still not significant.In order to ensure the reliability of the empirical results,this paper has done a lot of robustness analysis.Replacing the original R&D investment indicators with R&D investment as the total assets,replacing the original political correlation indicators with the proportion of the political background of the senior management team,replacing the real performance indicators with the nominal accounting profits ROA and ROE,and the research results and The original conclusions are basically the same.In the conclusion part,the paper firstly summarizes the research conclusions systematically,and proposes corresponding policy recommendations from the two levels of enterprises and government departments according to the research conclusions.Finally,the research prospects are also proposed for the parts that have not been perfected in this paper.