Research On The Influence Of Political Connection On Technological Innovation Of Enterprises

In view of the great downward pressure of macro market economy at home and abroad,the prominent difficulties of real economy and the large systemic risks of financial market,the Chinese government proposes that China’s economy should take innovation driven as the core,and steadily improve the ability of scientific and technological innovation.High tech enterprises are the main body of technological innovation,and R&D activities need to continuously obtain innovative resources.The government has the dominant right to innovate resources,and its resource allocation ability plays an increasingly important role.The country’s economic and social development requires a healthy and standardized business environment.General Secretary Xi Jinping has repeatedly emphasized the need to standardize the conduct of political and business interactions,which provides an opportunity to study the standardization of government enterprise relations and the influence of government governance on technological innovation behavior of enterprises.Under the background of changing government functions and optimizing business environment,this paper reviews a lot of relevant literature,systematically analyzes the high-level theory,social capital theory,financing constraint theory and resource-based theory,and puts forward research hypotheses on this basis.The thesis takes high-tech enterprises as research samples,and uses the panel data fixed effect model to analyze empirically the external driving factors of changes in government-enterprise relations from the perspective of political connection.Second,use the propensity score matching method to verify the influence of political connections on the degree of government R&D subsidies and corporate financing constraints,and uses bootstrap method to empirically analyze the R&D subsidies and financing agreements.Finally,on the basis of the distinction between strategic innovation output and substantive innovation output,this paper uses panel model to explore the relationship between R&D input and the two.The results show that:(1)In the face of the change of policy environment,high-tech enterprises tend to establish close relationship with the government through political connection;(2)Enterprises that establish connection with the government can obtain more R&D subsidies than enterprises that have no political connection.At the same time,it can alleviate the degree of financing constraints to a large extent,it can be seen that political connections have won more innovative resources for high-tech enterprises;(3)The improvement of R&D subsidies and the alleviation of financing constraints can promote the R&D investment of high-tech enterprises,and R&D investment has a significant positive incentive effect on the substantive innovation output of enterprises;(4)Both R&D subsidies and financing constraints play a masking role in the process of the influence of political connection on R&D investment,that is,maintenance of government-enterprise relations will consume unnecessary costs of the enterprise,which will slow down the R&D investment of enterprises,but the favorable role brought by political connection will make enterprises have more funds to increase the investment of innovation activities,so R&D subsidies and financing constraints are shown as masking role.In addition,through further analysis,financing constraints play a part of intermediary role in the process of the impact of R&D subsidies on R&D investment.From the perspective of government governance,the paper starts from the political connection,explores the external driving factors of changes in government-enterprise relations,and verifies the relationship between political connections and innovation resources obtained by enterprises,and further explores its impact on innovation activities of high-tech enterprises The mechanism provides a new perspective for the study of technological innovation behavior of enterprises,and at the same time provides a reference for government governance to the innovative decision-making behavior of high-tech enterprises.There are 7 figures,21 tables and 156 references in the paper.