Anti-corruption?Political Relation And Government Subsidy

After the 18 th CPC National Congress,the policy of anti-corruption has exerted far-reaching influence on politics,economy and society.In academic research,around this period,some scholars have studied the impact of anti-corruption on corporate performance,accounting information quality,earnings management level,investment level and other micro-enterprise behavior from theoretical methods.However,up to now,few literature have studied the effect of the implementation of anti-corruption policy on the phenomenon that politically related enterprises are more likely to receive government subsidies through empirical analysis.In the first part of the literature review,the author combs the existing research results in the fields of influencing factors of government subsidies,economic consequences of political relations,political relations and government subsidies,and puts forward the research hypothesis on the basis of summing up the previous research experience.Then in the theoretical basis part,the author reviews the transaction cost theory,relational contract theory,rent-seeking theory and social capital theory,which provides a theoretical basis for the analysis of this paper.Finally,empirical design and test are the key chapters of this paper.In this part,the author firstly analyses and tests the promotion effect of political relations on obtaining government subsidies,and finds that private enterprises with political relations can get more government subsidies than private enterprises without political relations.Then we use the DID model to observe the effect of the anti-corruption and anti-corruption policy,i.e.the influence of the implementation of the anti-corruption and anti-corruption policy on the phenomenon that the politically related enterprises of Shangxi private enterprises are more likely to get government subsidies.Secondly,we study the anti-corruption promotion under different institutional environment levels and different levels of service institutions through the sub-sample of institutional environment level and the level of service institutions.The implementation effect ofthe clean policy.Through the research,the author draws the following conclusions:(1)Under the background of China's system,political relationship is a decisive factor affecting listed private enterprises to obtain government subsidies.Compared with private enterprises without political relations,private enterprises with political relations are more likely to receive government subsidies;(2)The implementation of anti-corruption policy as a macro-policy is better than that of private enterprises without political relations.The phenomenon that private enterprises with political connections are more likely to get government subsidies has certain restraining effect;(3)By dividing listed private enterprises into enterprises with higher institutional environment and enterprises with lower institutional environment through the level of institutional environment,the effect of implementing anti-corruption policy in higher institutional environment is more significant,that is,it is more conducive to restraining listed private enterprises.The phenomenon of obtaining government subsidies through political affiliation;(4)The listed private enterprises are classified into central,provincial and municipal levels by the level of the political affiliated directors' office in government departments,and the implementation of the anti-corruption and honesty policy of the central political affiliated enterprises has the most significant effect.Through the research,this paper gets the following enlightenment.Firstly,for private enterprises,China is in the period of institutional transformation and is deeply influenced by relationship-based culture.Relational resources have a significant impact on enterprises' access to government subsidies.However,enterprises need to be aware of the costs of obtaining government subsidies and political linkages.With the gradual improvement of China's system,in the long run,focusing on internal capacity building is the only way for enterprises to achieve sustainable development.Secondly,for government departments,anti-corruption and advocating honesty have sounded an alarm bell for government officials to use administrative power to allocateresources according to law.Anti-corruption and honesty uphold social fairness and justice,improve the external regulatory environment faced by enterprises when they engage in economic activities,strengthen the governance of political relations between government and enterprises,and thus provide a strong guarantee for the equal development of private enterprises.Government agencies should take this opportunity to strengthen regional system construction,improve property rights protection,and create a good environment for the operation and development of private enterprises.