Research On The Political Relevance, Debt Financing And Innovation Performance Of Small And Medium High-tech Enterprises

China's economy has been developing rapidly since its opening up,and traditional enterprises and innovative enterprises have also contributed to it.In the process of economic transformation,innovation is the core driving force to enhance the international competitiveness and the key to the survival and development of high-tech enterprises.The development of high-tech enterprises not only promoted the reform of China's economic system,but also promoted the political development of China as a social force.As the microcosmic subject of independent innovation,the enterprise's ability to innovate depends on themselves and the ability to use social resources.Innovation input is an important factor that influences innovation,but small or medium-sized enterprises in China still have some problems which lead to the decline of innovation,such as low resources,low credibility and limited capital.The market economy of our country is in the period that the formal system and the informal system coexist,the enterprise innovation activity must be affected by both.As a result,most companies choose political connections to improve innovation.It is of great significance to study the influence of political association on enterprise innovation.Is the government's control of the market the reason for the political association to influence innovation? This paper introduces corporate debt financing capabilities and studies the impact of political on the innovation performance of small and medium-sized high-tech companies.This paper selects the data of high-tech enterprises from 2013 to 2016.First,the company's innovation performance is divided into patent and output index,and factor analysis method is used to determine the common factor of the output index.Secondly,the regression method is used to test the influence of political association on innovation performance and the intermediary role of debt financing.The following conclusions can be obtained:(1)Political association plays a significant role in promoting innovation performance.(2)Political connections contribute to debt financing,which has a greater impact on long-term debt financing than short-term debt financing.(3)Debt financing has a partial intermediary role in the relationship between political associations and patent indicators,it is also plays an intermediary role in the relationship between political associations and Profitability indicators or operating indicators.Political association helps enterprises to obtain funds,thusimproving innovation performance.This paper studies the influence of political association on debt financing and innovation performance.It strengthens the understanding of political connections,is conducive to the continuous deepening of research,and is of great significance to the development of government policies...