Study On The Mechanism Of Shareholder Heterogeneity On Collaborative Innovation In Mixed-Ownership Enterprises

Innovation is considered the "primary driving force" for promoting high-quality economic development and the modernization process of a nation,as well as a key factor in enhancing the core competitiveness of micro-level market entities.Collaborative innovation among enterprises represents a value investment and value co-creation activity undertaken amidst the impact of uncertain factors.The quality and efficiency of collaborative innovation cannot be solely attributed to the degree of diversity in the integrated innovative resources and information within an enterprise,but also depend on whether the enterprise possesses an efficient and sustainable value co-creation mechanism.Mixed-ownership enterprises,as the main market innovators in China’s current stage,bring together heterogeneous shareholders with diverse innovative resources due to their different ownership attributes,thus possessing inherent advantages in collaborative innovation.However,compared to state-owned enterprises and private enterprises,the inherent advantages in innovation possessed by mixed-ownership enterprises have yet to be effectively utilized.Therefore,on one hand,it is necessary to verify whether mixed-ownership enterprises have collaborative innovation advantages,and on the other hand,it is crucial to explore the collaborative principles among heterogeneous innovation entities within mixedownership enterprises.With the rise of shareholder activism and the resurgence of ownership governance models,mixed-ownership enterprises,as typical hybrid organizations,exhibit heterogeneity among their owners(shareholders)in terms of innovative concepts,values,and organizational behavior logic.These heterogeneity factors directly influence the stability and sustainability of the value co-creation system within mixed-ownership enterprises.Therefore,studying the collaborative principles among heterogeneous shareholders and exploring the mechanisms by which shareholder heterogeneity affects the quality and efficiency of collaborative innovation within an organization are of utmost importance for mixed-ownership enterprises to leverage their inherent advantages in innovation.Heterogeneity refers to the incommensurability between different entities,and heterogeneous characteristics encompass a collection of factors that lie beyond the scope of homogeneity.Heterogeneity factors serve as a source of organizational collaborative innovation vitality but may also evolve into obstacles to innovation.As enterprise owners gradually return to the forefront of organizational governance,both state-owned and private shareholders,as owners of mixed-ownership enterprises,act as decision-makers and leaders in the realm of collaborative innovation.The key to constructing a stable value co-creation mechanism in mixed-ownership enterprises lies in the effective integration of shareholders’ heterogeneous characteristics.This paper follows the research path of "deconstructing heterogeneity factors-analyzing the mechanism of innovation-examining the influence mechanism-constructing a value co-creation system".A theoretical model is constructed,and empirical analysis is carried out.The specific research is as follows:Firstly,the heterogeneity of shareholders was deconstructed to identify state variables of the collaborative innovation system in mixed ownership enterprises through text analysis of reference materials and relevant policy research reports.The Haken model was employed to extract the order parameters that play a leading role in collaborative innovation from the state variables.These order parameters include property rights,equity structure,and shareholder characteristics.Combining heterogeneity theory,the results of the collaborative model were attributed to heterogeneity in shareholder properties,power,and human capital.Second,the impact of shareholder property heterogeneity on the quality and efficiency of synergistic innovation in mixed-ownership enterprises is examined.The propensity score double difference method is used to verify whether the aggregation of property heterogeneous shareholders can promote the quality and efficiency of synergistic innovation in mixed ownership enterprises.Third,the effect of shareholder power heterogeneity on the quality and efficiency of synergistic innovation in mixed ownership enterprises is examined through multiple linear regression,and the synergistic innovation effect of informal power heterogeneity of shareholders is further analyzed from the perspective of the influence of shareholder social resources.Fourth,based on questionnaire survey data,a structural equation model is used to analyze the impact of shareholder human capital heterogeneity on the quality and efficiency of synergistic innovation in mixed ownership enterprises,and the mediating effect of organizational distance and the moderating effect of different knowledge governance modes are also examined.Based on the above theoretical and empirical analyses,the conclusions are as follows.Firstly,mixed-ownership enterprises have collaborative innovation advantages,and aggregation between state-owned and non-state-owned shareholders can promote the quality and efficiency of collaborative innovation in mixed-ownership enterprises.Shareholder property heterogeneity can enhance the organizational and resource governance effects of mixed ownership enterprises,thereby promoting the R&D efficiency and output efficiency of collaborative innovation in enterprises.At the same time,after analyzing the heterogeneity of the form of shareholder existence,it is found that private individual shareholders have a significant positive effect on the efficiency and quality of collaborative innovation in mixed ownership enterprises,while the positive effect of collaborative innovation by private institutional shareholders has declined.Second,shareholder power heterogeneity hinders the quality of collaborative innovation in mixed-ownership enterprises.In mixedownership enterprises where private equity exceeds state-owned equity,shareholder power heterogeneity contributes to the R&D efficiency and output efficiency of collaborative innovation in mixed ownership enterprises,while in mixed-ownership enterprises where private equity is lower than state-owned equity,shareholder power heterogeneity weakens the R&D efficiency and output efficiency of collaborative innovation in mixed ownership enterprises.In addition,informal shareholder power heterogeneity is conducive to the efficiency of collaborative innovation,but its impact on the quality of collaborative innovation is not significant.The third finding is that shareholder heterogeneity in human capital impedes the quality and efficiency of collaborative innovation in mixed-ownership enterprises by strengthening organizational distance.Heterogeneity in human capital creates a collaborative gap within the organization and expands the "fault zone" within the organization,to some extent hindering knowledge flow in mixed-ownership enterprises.Further examination of the moderating effects of different knowledge governance modes reveals that market-oriented and social-oriented knowledge governance effectively reduce the negative impact of heterogeneity in shareholder human capital on the quality and efficiency of collaborative innovation in mixed-ownership enterprises,while also mitigating the negative effects of organizational distance.On the other hand,authoritative knowledge governance exacerbates the negative effects of shareholder heterogeneity in human capital and organizational distance on innovation.The innovation of this paper lies in four aspects.Firstly,it integrates the heterogeneity perspective and the collaborative learning theory into the research framework of collaborative innovation of mixed ownership enterprises.This promotes the fusion of the two theories and expands their practical application range,laying a theoretical foundation for constructing efficient and stable value co-creation mechanisms in mixed ownership enterprises.Secondly,it introduces the Haken collaboration model to extract the order parameter of the collaborative innovation system of mixed ownership enterprises,providing a more powerful theoretical basis for deconstructing shareholder heterogeneity and advancing the depth of research on shareholder heterogeneity.Thirdly,from the perspective of the dialectical relationship between collaboration and innovation,this paper analyzes the value co-creation mechanism of hybrid organizations based on the practice philosophy of heterogeneity theory and provides new analytical dimensions for the study of collaborative innovation systems in mixed ownership enterprises.The fourth aspect of this study lies in the fact that its logical framework originates from and transcends constructive rationality,thereby expanding the theoretical structure pertaining to the construction of a collaborative innovation system in mixed-ownership enterprises.Constructive rationality,which stems from an excessive belief in individual rationality,leads to rational arrogance and adulation.Based on the reasons for the breakdown of constructive rationality(bounded rationality,dispersed innovation knowledge,and subjectivity in individual value judgments),this study emphasizes the importance for mixed-ownership enterprises to prioritize the effectiveness of internal collaborative mechanisms and consider heterogeneous factors that influence organizational collaborative relationships.Simultaneously,it seeks to avoid "substitution decisionmaking" during the process of collaborative innovation planning and promotes "agent reduction." By systematically advancing the return of ownership to the core of collaborative governance within enterprises,a stable and sustainable value cocreation mechanism for mixed-ownership enterprises can be established.