| As an important driving force for economic growth,innovation is the decisive factor for a country to achieve sustainable economic development.State-owned enterprises are the embodiment of China's economic and the will of the whole people.They are also the vanguard of China's implementation of innovation-driven development strategies.How to improve the innovation ability of state-owned enterprises has become a focus of concern for entrepreneurs,scholars and the government.As the decision makers and implementers of enterprise innovation,executives are critical to the innovation activities,and their background and characteristics have received more and more attention.Many scholars have conducted extensive and in-depth research on corporate innovation from the perspectives of executives' gender,professionalism,education level,and professional background.From the existing research conclusions,executives with different characteristics have differences in cognitive ability,behavioral style and value orientation.This heterogeneity makes them make different choices in the face of the same strategic decision,which in turn affects enterprises innovation activities.Different from previous literature,this paper breaks through the limitations of only studying the behavior characteristics of corporate executives themselves.With the background of China's institutional system,and from the perspective of enterprise linkage,this paper makes an exploratory study of the direct influences of the cross-institutional linkage of executives on the innovation output of enterprises and the mediating effects of R&D investment.At the same time,the cross-institutional linkage effect of executives will be affected by factors such as innovation pressure.This paper selects the type of final controller,industry difference and industry nature as the adjustment variables,and tests the relationship between executives,cross-institutional linkage and enterprise innovation output in different context.Finally,on the basis of constructing the innovation efficiency index,further systematically examine the impact of the cross-institutional linkage of senior manager on the innovation efficiency of enterprises and its value mechanism.In view of the phenomenon that state-owned enterprise executives concurrently serve as executives in many private enterprises,this paper takes all A-share state-owned listed companies from 2008 to 2017 as samples.,and investigates the impact of cross-institutional linkage on the innovation of state-owned enterprises and its value effect.This paper measures the innovation output of enterprises by the number of patents.The study finds that the cross-institutional linkage of state-owned enterprise executives can have a significant positive impact on the innovation output of state-owned enterprises.Then,by examining the mechanism of promoting the innovation of state-owned enterprises through cross-institutional linkages of executives,this paper finds that the intensity of R&D investment plays a mediating role between the two,that is,the cross-institutional linkages of executives promotes the innovation of state-owned enterprises by promoting the R&D investment intensity of state-owned enterprises.In the group test,this paper select three variables:the type of ultimate controller,industry difference and industry nature.The test results show that the promotion of executives' cross-institutional linkages to the innovation output of enterprises in local state-owned enterprises,the same industry and high-tech industries is stronger.Further,using R&D investment and innovation output indicators to measure the innovation efficiency of enterprises,this paper finds that the cross-institutional linkage of executives has a significant negative impact on the innovation efficiency of state-owned enterprises,and significantly inhibits the value-enhancing effect of innovation efficiency.In order to explore the underlying reasons behind this result,this paper further compares the innovation efficiency of state-owned enterprises and private enterprises,and divides the samples into "model group","non-model group" and "non-connected group".The study found that compared with the "non-connected group",the innovation efficiency of the "non-model group" state-owned enterprises increased significantly,but the enterprise value did not increase significantly;while the innovation efficiency of "model group" is significantly decreased,but the value of enterprises is the highest.Therefore,if the target of executive cross-institutional linkages is a"non-model group" enterprise,the role of cross-institutional linkages in promoting enterprise innovation output is at the cost of the loss of enterprise innovation efficiency,which is a "strategic" choice behavior of state-owned enterprise executives to cope with performance appraisal and political promotion.If the top managers' cross-institutional linkages are aimed at "model group" enterprises,cross-institutional linkages can reduce the low-value innovation investment of state-owned enterprises,but this will be beneficial to the improvement of enterprise value.This paper provides systematic theoretical logic for how executives,cross-institutional linkages affect state-owned enterprise innovation and corporate value.On the one hand,it can enrich the research in the fields related to corporate executives and enterprise innovation on the theoretical level.On the other hand,it can also provide valuable reference and advice for relevant policy formulation in the practical field,and provide the construction of the evaluation system for senior executives of state-owned enterprises in China.This paper suggests that the assessment should not be based on the number of innovations,but should pay more attention to the indicators that measure the quality of enterprise development,and identify the innovation results of enterprises from the aspects of innovation efficiency and value effect,improve the assessment standards,and ultimately promote the substantive innovation of enterprises. |
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