Research On The Influence Of Anti-corruption On Enterprise Innovation Quality

In the new period of the 14 th Five-Year Plan,China’s economic and social development will take promoting high-quality development as its theme,and building an overall socialist modernization drive in China.As an internal driving force for high-quality development,innovation cannot improve the quality of economic development unless the quality of innovation is improved.At present,China’s innovation development is in the dilemma of "high supply,high application,low quality and low efficiency"."Quantity catch-up" has been basically completed,but "Quality catch-up" still needs to be realized.Therefore,to improve the quality of innovation and move towards high-quality development,we need the reform and innovation of government governance system and the support of high-quality governance structure.In recent years,China’s high-handed anti-corruption policy has been continuously implemented and its long-term anticorruption policy has achieved remarkable results.To provide conditions for investigating the impact of anti-corruption on enterprise innovation quality,this paper focuses on the micro level of how anti-corruption will affect enterprise innovation quality.In this paper,micro data of Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2017 are selected as samples to test the relationship between anti-corruption policy and enterprise innovation quality.The fixed effect model is used to test the relationship between anti-corruption policy and enterprise innovation quality,and poisson regression model is used to further verify the relationship.In order to ensure the rationality of the results,the robustness test was carried out by means of substitution variables,random ordering of samples and instrumental variable method.On this basis,this paper analyzes the heterogeneity and transmission mechanism of the influence of anti-corruption policy on enterprise innovation quality.The empirical results of this paper show that :(1)Anti-corruption is conducive to the improvement of enterprise innovation quality.The results are still robust after the robustness tests of transformation model,substitution variable,sample random ordering and instrumental variable method.(2)The effect of anticorruption on the improvement of enterprise innovation quality varies with different enterprises.Compared with non-state-owned enterprises,innovation quality of state-owned enterprises is improved more obviously in the process of anti-corruption.Compared with enterprises not supported by the central industrial policy,enterprises supported by the central industrial policy improve the quality of enterprise innovation more significantly in the process of anti-corruption.(3)Anti-corruption will further effectively improve the quality of enterprise innovation by promoting the improvement of local institutional environment.(4)In terms of financing constraints,anti-corruption can reduce the difficulty of enterprise financing constraints,thus helping enterprises to finance loans and promoting the improvement of innovation quality of enterprises.(5)Anti-corruption will restrain the phenomenon of excessive compensation of senior executives in enterprises and encourage them to devote more energy to enterprise innovation,which is conducive to the improvement of enterprise innovation quality.The difference between this paper and the existing literature is that: Starting from the quality level of enterprise innovation,this paper explores the influence of anti-corruption on the quality of enterprise innovation,and provides direct empirical evidence for the external influence of anti-corruption on enterprises’ actual innovation activities.It is different from the previous literature which focuses on the quantity of innovation and enrichis the research on enterprise innovation.In view of the current status of innovation and the positive effect of anti-corruption on enterprise innovation quality,this paper puts forward the following targeted suggestions:(1)We should further improve government innovation incentive policies and add standard indicators to measure innovation quality.(2)We should continue to implement and strengthen the implementation of anti-corruption policies and normalize anti-corruption efforts.(3)Continue to encourage enterprises to improve the quality of innovation and refine the granularity of innovation policy incentives.