| With the rise of global trade protectionism,technological blockades and unfair trade sanctions between countries have caused Chinese enterprises and industrial chains to face more external shocks in the process of modernization and development than ever before.The construction of an independent and controllable industrial chain has long-term strategic significance for building a powerful modern socialist country in an all-round way.The formation of a more stable and innovative industrial chain supply chain can effectively resolve the impact of external risks on my country’s real economy.In October 2020,the fifth plenary session of the 19th Central Committee of the Communist Party of China passed the CPCCC’s proposals for the formulation of the 14th Five-Year Plan(2021-2025)for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.The revised document will enhance the industrial chain modernization level,and building a more innovative,higher value-added,safer and more reliable industrial chain is one of the key tasks of economic and social development and reform and opening up during the 14th Five-Year Plan period.The meso-scale industrial chain is organized by micro-enterprises,and the improvement of the modernization level of the industrial chain needs to be realized through enterprise development in the final analysis.Therefore,although the modernization level of the industrial chain originates from the meso-level,it must cover the micro-level enterprise development in order to form a modernization level development system that runs through the micro and meso levels.From the perspective of enterprise development,in the information society,no enterprise can develop in isolation.Cross-organizational cooperation,especially the vertical connection of the industrial chain,has become an important channel for enterprises to obtain information and knowledge.Facing the complex and changeable external business environment,timely acquisition of industry chain information is of great practical significance for strengthening the dominant position of enterprises in innovation,resolving business risks,systematically improving enterprise productivity,and building a modern industrial chain.Directors from related industries(DRIs),which effectively promotes the free flow of information elements in the industrial chain.Although DRIs and some other researches like director relationship networks focus on directors’ social relationships,but DRIs limit the scope of directors’ appointments to related industries within the industry chain.The purpose of this is to take advantage of the special situation of directors serving in related industries,and focus on examining the impact of industrial chain information spillovers on enterprises and industrial chains.The members of the industry chain,as independent subjects,will hide or exaggerate some sensitive information involving commercial secrets in order to ensure their own competitive advantages,increasing the degree of information asymmetry in the industry chain.The specific situation of related industries in the industrial chain is directly related to whether the enterprise can operate normally.Information from related industries such as technological innovation,industry trends and changes in supply and demand has an irreplaceable role for companies to perceive market changes,adjust operating strategies,and improve resource allocation efficiency.DRIs directly penetrate into the internal work of related industries,and act as a "sound tube" for enterprises and related industries,effectively alleviating the losses caused by information delay and information deviation in the industrial chain,thereby realizing the value-added of enterprises and industrial chains.Therefore,based on the theory of absorptive capacity,social network theory and resource dependence theory,combined with the new requirements of the "14th Five-Year Plan" for industrial chain construction,this paper examines the impact of the micro-phenomenon of directors serving in related industries on enterprises and industrial chains.This is not only a concern of enterprises,but also a key issue for improving the modernization level of the industrial chain.This paper follows the idea of" Directors serve in related industries--Industrial Chain Information Spillover--Enterprise Development--Industry Synergy ",and conducts a systematic study on how industrial chain information transmits and affects the development of enterprises and industrial chains.In view of the fact that the development of enterprises and the improvement of the modernization level of the industrial chain include research contents of multiple dimensions,this paper is based on the requirements of building a more innovative,higher value-added,safer and more reliable industrial chain in the 14th Five-Year Plan.The innovative power,safety and reliability and added value are described from three aspects:innovation level,business risk and total factor productivity.Specifically,this paper first introduces the research background and significance,related concepts and research scope definition,research goals and ideas,research content and methods,research innovation,etc.(Chapter 1),reviews relevant research literature and conducts research reviews(Chapter 2).Then,sorts out the theoretical basis from the two aspects of absorptive capacity theory and social network theory,introduces the institutional background from the two levels of directors’ rights and responsibilities and industrial chain development,builds an empirical research framework,and generally expounds the impact of directors serving in related industries on enterprises and industrial chains.On this basis,by integrating the information of directors’appointments in listed companies and using the China Input-Output Table to calculate related industries,this paper takes China’s A-share listed companies from 2012 to 2019 as the research object,empirically examines the effect of directors serving in related industries on innovation level(Chapter 4),the effect of directors serving in related industries on business risk(Chapter 5),and the effect of directors serving in related industries on total factor productivity(Chapter 6).Finally,this paper summarizes the main research conclusions and puts forward corresponding policy suggestions,analyzes the research limitations and further research prospects(Chapter 7).The main findings of this paper are as follows:First,directors serving in related industries act as a "speaker" for information demanders and information owners in the industry chain,effectively improving the innovation level of enterprises.Based on the hypothesis of "information effect",the position differences of directors in related industries will affect their ability to obtain information,which in turn affects the exertion of "information effect".Compared with serving as independent directors in related industries,directors serving as non-independent directors or management in related industries play a stronger role in improving the innovation level of enterprises;And when the information transparency of related industries is poor,it is more difficult for enterprises to obtain industry chain information through other channels,director from related industry has a stronger role in promoting the level of innovation,indicating that there is a substitution effect between the director’s employment in the related industry and other information acquisition channels.Based on the classification of independent directors,executive directors and non-executive directors of listed companies,this paper finds that non-independent directors DRIs,especially non-executive directors DRIs,have a more obvious role in improving the level of corporate innovation.Finally,there is an industrial synergy effect for directors in related industries,which is conducive to the improvement of the innovation level of the industrial chain and the increase of economic added value.DRIs play a role in the transmission of innovation and value-added enhancement within the industrial chain.Therefore,DRIs have a positive impetus to create an industrial chain with "more innovative power and higher added value".Second,directors serving in related industries can effectively reduce operations risk.To farther verify the "information effect" of DRIs,it is found by the classification of directors’ positions in related industries that,compared with serving as independent directors in related industries,directors serving as non-independent directors or management in related industries are more conducive to obtaining industry chain information and reducing operations risk.According to the classification of positions held in listed companies,it is found that,compared with DRIs of independent directors,DRIs of non-independent directors have a more obvious effect on inhibiting operations risk of enterprises;further,there is no significant difference between executive directors and nonexecutive directors in inhibiting operations risk of enterprises.In the cross-sectional analysis,it is found that when the listed companies have a higher demand for industrial chain information,director serving in related industry has a stronger inhibitory effect on the operations risk of the enterprise.And the "information effect" of DRIs needs to be supported by a good internal and external governance mechanism.Finally,this paper finds that there is an industrial synergy effect of directors serving in related industries,which reduces the operation risk of the industrial chain,and realizes the transmission effect of risk suppression within the industrial chain,which has a positive impetus to create a "safer and more reliable" industrial chain.Third,directors from related industries have effectively improved the total factor productivity of enterprises.In order to further verify the "information effect" of DRIs,the classification of directors’ positions in related industries shows that when directors serve as non-independent directors or management in related industries,they can obtain industry chain information and improve the total factor productivity of enterprises.Based on the differences in the status of directors of listed companies,this paper finds that the role of non-executive directors in related industries in improving the total factor productivity of enterprises is more obvious.In the test of the intermediary mechanism,it is found that DRIs improve the total factor productivity of enterprises by driving innovation ability and improving the efficiency of resource allocation of innovation activities,and both innovation ability and resource allocation efficiency of innovation activities play a partial intermediary role.In the cross-sectional analysis,it is found that when listed companies have a higher demand for industrial chain information and a more complete external governance mechanism,directors serving in related industries have a stronger effect on improving the total factor productivity of enterprises.Finally,this paper finds that there is an industrial synergy effect of directors serving in related industries,which can improve the total factor productivity of the industrial chain,and realize the transmission effect on the improvement of total factor productivity within the industrial chain,which has a positive effect on building a "higher value-added" industrial chain.The possible innovations of this paper are as follows:First,with the help of the special situation of directors serving in related industries,the influence of industrial chain information spillovers on micro-enterprises is examined.Previous studies have shown that industry chain information plays an important role in improving the performance level of the industry chain.Combining with the new requirements of the 14th Five-Year Plan for the construction of the industry chain,this paper uses the micro-phenomenon of directors serving in related industries to explore how the industry chain information can be realized.It has carried out a more detailed exploration of transmission and play,realizing the integration of industrial chain information management and micro-corporate governance issues,and providing more empirical data has certain academic value.Second,it is verified that the industrial chain network has a positive externality to the entire industrial chain.The research of this paper finds that the industrial chain network formed by directors serving in related industries realizes the integration of industrial chain information,and has a positive impetus to build a more innovative,higher value-added,safer and more reliable industrial chain.The research results show that the positive externalities generated by directors’ employment in related industries have a synergistic effect within the industrial chain,which enriches the related research on the modernization development path of the industrial chain.Thirdly,it examines the influence of the company’s internal and external governance level on the relationship between directors’employment in related industries and the modernization level of enterprises and industrial chains.It is necessary to continuously strengthen the level of corporate governance and provide a good institutional "soil" for the internalization of external industry information.The conclusion of this paper enriches the related research on how to realize the information externality of the industrial chain,and supplements and extends the questions raised but not answered in the previous literature. |
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