Research On The Effect Of Political Connection On Enterprise Innovation Performance In The Gem Listed Company

Mass innovation and multitude innovation is one of double engine to enhance China’s economy under economic new normal.Under the background that the country attaches importance to the innovation environment,how to enhance the innovation performance of enterprises is a hot issue worthy of attention.In the context of China’s existing system,the absence of institutions and the phenomenon of conflict exists widely.As an alternative mechanism of formal system,political relations play a vital role in social and economic activities,especially with the advancement of China’s economic transformation,The government has a lot of innovative resources,both state-owned enterprises and private enterprises are difficult to achieve separation,more and more keen to establish political relations,its impact on corporate innovation performance is the hottest topic of academic research.Based on this,under the unique environment of our country,it is of great significance to explore the influence of political connection on the innovation performance of enterprises.The key to the search for political connection lies in the acquisition of resources.Most of the existing research explores the relationship between political relevance and innovation performance from the perspective of capital resources,and whether human resources as an important resource of enterprises will have an impact on the relationship between them.Debt financing is an indispensable form of financing and plays an important role in the process of corporate capital flow.So is the role of political connection to innovation performance affected by debt financing? In view of the above problems,this paper takes the listed companies in China as the research sample,takes social capital theory,resource base view,upper echelons perspective and principal agent theory as the basic theoretical basis,and uses the multiple linear regression method to examines the impact of political relationship on innovation performance.The impact of R & D personnel on the innovation performance of enterprises is studied,and the mediating effect of R & D personnel in the process and the regulation of debt financing are studied emphatically.In this paper,a moderated intermediary effect as the main line,the main draw the followingthree conclusions:(1)political connection and enterprise innovation performance has a significant negative correlation;(2)further study the mechanism of political relationship to the innovation performance of enterprises,founding that the relationship between them impacted by R & D personnel which places intermediary role in some extent;(3)Debt financing not only regulates the direct effect of political connection on innovation performance,but also regulates the indirect effect,that is,debt financing in the R & D personnel into the intermediary process also has a regulatory role.Debt financing will promote enterprise R & D personnel input,Thus reducing the inhibition of political relationship to Innovation performance.