The Research On The Relationship Of Political Connection, Government Subsidy And Enterprise Innovation

Innovation is very important no matter for the country or for enterprise,and the innovation resources play an extremely important role in it.Funding-support for the enterprise is also an important innovation resource,and the government subsidies is one of the important ways to obtain the funds needed by the enterprises to carry out innovation activities,so government subsidies for enterprise is an important item.Under the background of deep in human relations,and under the premise of rent-seeking phenomenon is widespread in the enterprise,whether all of these factors will affect the access to government subsidies,and whether the different ways of obtaining government subsidies will affect the use of funds and enterprise innovation,all of these are worth to researching.In this paper,based on the theory of rent-seeking,we study the relationship among political connection,government subsidy,enterprise innovation.We try to tease out the path of innovative resources and the effect of enterprise innovation activities.This paper use a-share listed companies from 2012 to 2015 data and the regression analysis method to study the relationship among political connection,government subsidy,enterprise innovation.Our empirical results show that:(1)Rent-seeking has significant positive correlation effect to government subsidies,declaring that in the listed companies in our country,the enterprise to lobby the government can help enterprises to obtain funding from the government subsidies.The government subsidy is a result of enterprise to lobby the government.(2)Rent-seeking has significant positive correlation effect to political connection,declaring that the enterprise to lobby the government can help enterprises to establish a political connection.The political connection is a result of enterprise to lobby the government.(3)The intermediary effect of political connection to rent-seeking and government subsidies was not significant.But the rent-seeking does bring political connection and the rent-seeking also help enterprises to get more government subsidies,but the political connection established by rent-seeking has no significant effect to government subsidies.This may be because the political connection can help the enterprise obtain more of other aspects of the support from the government,such as the policy-supporting of market admittance,providing the invisible guarantee for enterprises to obtain bank loan and so on,rather than the support of the government subsidies.(4)Both enterprise innovation input and output,government subsidies has the significant positive effect to them,declaring that government subsidies have more incentive effect to the enterprise rather than crowding out effect in the listed companies in our country.(5)Both enterprise innovation input and output,rent-seeking has a negative regulatory role to the relationship between the government subsidies and enterprise innovation,declaring that the government subsidies obtained by rent-seeking ways play a crowding out role to the enterprise in our country.Rent-seeking make social scarce resource allocation configuration screwy.The enterprise which really need for government subsidies cannot get.The enterprise which not really need for government subsidies can get but don't use it for the innovation activities.Only need and get the government subsidies will only be used for the enterprise innovation activities.In this paper,the research conclusion has important guiding significance to the government to make subsidy policy and to the enterprise to carry out innovation activities.