Research on the Endogenous Mechanism of Political Relations of Military Industrial Enterprises to Innovation Performance Driven by Innovation

Taking the military industry listed companies from 2010 to 2019 as a research sample, comprehensively use high-level team theory, investment decision theory, human capital theory and other related theories to deeply explore the influence mechanism of political connections on military industry enterprise innovation performance. The research results show that: for military enterprises, the politically connected characteristics of senior managers will promote the innovation performance of enterprises. Managers’ overconfidence plays a part of the mediating effect in the influence of political connections on enterprise innovation performance. At the same time, the inflow of R & D personnel has produced a negative moderating effect in the relationship between political connections and corporate innovation performance. Further research shows that, from the perspective of the level of political relevance, politically connected managers at the central level have a negative impact on corporate innovation performance. The negative moderating effect of the inflow of R & D personnel in the political connection and enterprise innovation performance is related to the political connection at the central level.