Political Connection,Financing Structure And Innovation Performance Of Private Listed Companies

At present,innovation is the first factor leading the development of Enterprises in China,innovation can fundamentally enhance the competitiveness of enterprises,so as to promote high-quality development of enterprises.However,the innovative development of private listed companies in China is facing many problems,such as lack of resources,low reputation and financing difficulties.Political connection can solve this difficulty well.Therefore,it has become an inevitable choice for most private listed companies to choose political association as a convenient way to improve their innovation performance.Moreover,will different financing structures have different impacts? In this paper,the financing structure is divided into internal and external financing structures to comprehensively analyze the impact of political connection on innovation performance of private listed companies and whether different financing structures have a mediating effect on the impact of political connection on innovation performance.This article selects the private listed companies from 2015 to 2020,the first innovation performance can be divided into benefit indexes and patent indicators,and through the factor analysis method to find the common factor efficiency indicators,then a multiple regression model to explore the influence of political association on innovation performance and internal and external financing structure in it ACTS as the role,and draw the following conclusion: First,political connection has a significant positive impact on innovation performance of private listed companies.Second,political connection has a significant positive relationship with private internal financing structure,while it has a significant negative relationship with external financing structure.Compared with bank loan,equity financing has a stronger intermediary effect.Third,the internal and external sources of financing in the political relevance to the innovation performance of private listed companies patent technology partial intermediary role,the influence of the political relevance to the innovation performance of private listed companies profit factor the influence of partial intermediary role,then,the political association can at the same time affected by internal and external financing of private listed company innovation performance.In this paper,we study the political relevance of financing structure and the influence of innovation performance,and to strengthen the political connection mechanism of the impact of innovation performance,opened up a political association with a new perspective of research between innovation performance,and,because of Chinese private listed firms to build political association through different financing structure after the different influence to the innovation performance,At the same time,it is of great significance for the government to formulate corresponding policies and strengthen supervision to improve the scale of innovation development of private listed companies,which is also conducive to the development of China’s capital market.This paper analyzes the financing structure of private listed companies and provides strategies to alleviate their financing difficulties.