(1. School of Accountancy, Central University of Finance and Economics, Beijing 10081; 2. Economics and Management School of Wuhan University，Wuhan 430072，Hubei)
Abstract: By taking the employees as the starting point , and taking the Chinese A-share listed companies from 2007 to 2016 as the samples, this paper has analyzed the role of employees in the resource allocation of industrial policies and the catering effect of enterprises to government employees' goals.Our empirical tests find that compared with the small-scale and low-paid enterprises, more employees and better-paid enterprises will receive more government subsidies when encouraged by industrial policies.Further research find that companies hire more employees and provide more employee benefits when encouraged by industrial policies.This shows that in the context of industrial policy, the government will consider the level of employment and the political objectives of labor welfare in the allocation of resources. At this point, companies will increase the number of employees and employee salaries in line with the government's political goals, in turn,which will be supported by more government resources.This paper develops and innovates the related research of industrial policy and enterprise catering theory, and provides the path and theoretical support for the allocation of government resources and the improvement of people's livelihood.
Key words: Industrial Policy; Political Objectives; Corporate Employees; Government Subsidies; Catering Theory