Research On The Pre Factors Of Innovation Driven High-Quality Development Of State-Owned Enterprises

In the new stage,we should implement the new development concept and implement the innovation driven development strategy.Great changes have taken place in the world today.The prevention and control of COVID-19 has become the norm of world development.Economic globalization has encountered a counter current,and the international trade situation is becoming increasingly severe.State owned enterprises are the core force of China’s economic development and play a leading role in the process of achieving high-quality development.As the main body of realizing the new development concept,state-owned enterprises should play a key role in continuously deepening reform and innovation and going all out to achieve highquality development.The board of directors is the main body of corporate governance,and its governance effectiveness determines the competitive advantage and development ability of enterprises.The effectiveness of board governance is not only related to its own structural characteristics,but also depends on the correlation structure formed between the board of directors and other governance subjects such as CEO.However,there are few studies on the collaborative governance between the board of directors and CEO.especially the impact of their collaborative governance on Innovation Strategic decision-making.Innovation plays a positive role in enterprise value and social responsibility,and the research results on innovation driving the high-quality development of state-owned enterprises are very scarce.There is still room for improvement in the measurement method of the high-quality development of enterprises based on the macro level.A single measurement index is difficult to comprehensively evaluate the high-quality development level of enterprises.At present,the multi-dimensional index system adopted by a few scholars has the phenomenon of confusion between results and process,and the scientificity of the construction of the evaluation system needs to be improved.Firstly,this thesis takes the innovation driven high-quality development of state-owned enterprises as the logical starting point of the research.Based on the problems found in practical analysis and theoretical analysis,using the literature analysis method,according to the principal-agent theory,high-level echelon theory and technological innovation theory,this thesis combs the relevant literature of board heterogeneity,innovation strategy and high-quality development,and defines the internal relationship between them.Based on the governance situation of China’s state-owned enterprises,this thesis constructs an evaluation system of innovation driven high-quality development of state-owned enterprises,embeds board governance and CEO governance into the theoretical model of innovation driven high-quality development of state-owned enterprises,and explores the configuration matching effect of key driving factors such as board heterogeneity and CEO separation on Innovation driven highquality development of state-owned enterprises based on the basic assumption of overall synergy rather than factor independence.Secondly,considering the data availability of state-owned enterprises and the lag effect of corporate governance mechanism and innovation strategy,this thesis selects all state-owned listed companies in 2019 as the research sample,and selects the high-quality development data of state-owned listed companies in 2020.Obtain relevant data through CSMAR and cnrds databases,and carry out qualitative comparative analysis of fuzzy sets after manual sorting.Thirdly,explore the effective path of enterprise governance structure affecting enterprise innovation strategic decision-making.The results show that:(1)by describing and counting the innovation strategy and its pre factors,it is found that there are significant differences in the innovation investment of different state-owned enterprises,and the environmental complexity is at a high level,and the state-owned enterprises are facing fierce competition;(2)There are three configurations that can lead to innovation,which proves that the innovation strategy decision is the result of multiple factors and multiple concurrency;(3)The separation of two positions has passed the necessity test and exists as the core condition.The separation of two positions is conducive to strengthening the supervision of the board of directors on the CEO and effectively reducing the opportunistic behavior of the CEO;(4)The three configurations all contain non gender heterogeneity.The male dominated board of directors is more inclined to take risks in the process of innovation strategy decision-making,which will increase the innovation investment of enterprises;(5)The three configurations contain environmental complexity.At present,China’s state-owned enterprises are in an unpredictable market environment and are facing incentive market competition.It also reflects that China’s stateowned enterprises dare to face difficulties and change in response to the situation.Finally,this thesis selects 14 indicators for factor analysis from the four dimensions of high-level development.high-quality innovation.high-quality green development and highlevel social benefits,and constructs the high-quality development evaluation system of stateowned enterprises.Similarly,fsqca research method is used to explore the configuration effects of enterprise behavior(innovation,executive compensation incentive,employee compensation incentive),enterprise financial ability(asset liability ratio,total asset turnover rate)and environmental complexity on the high-quality development of state-owned enterprises.The results show that:(1)by descriptive statistics of high-quality development and its antecedents,it is found that there are great differences in the high-quality development level of state-owned enterprises,so it can be used as an ideal sample for research;(2)The two configurations of"acting in response to the situation to promote development" and "thinking of danger in times of peace to help development" can achieve high-quality development,which fully illustrates the "common goal" of high-quality development;(3)No matter whether the environment is complex or not,high innovation,as a combination of core conditions and other conditions,has improved the high-quality development level of state-owned enterprises;(4)Executive compensation incentive plays a key role in the process of achieving high-quality development.Executive compensation incentive can not only reduce the risk aversion of executives and stimulate their work initiative,but also reduce the agency cost of enterprises;(5)We should always ensure that the turnover rate of total assets is at a high level.If the total asset turnover rate remains at a high level,enterprises will have more funds to support innovation activities,and can effectively reduce enterprise risks,so as to promote the high-quality development of state-owned enterprises.The innovation of this thesis lies in:(1)the evaluation system of high-quality development of state-owned enterprises is designed.It is helpful to measure the high-quality development level of state-owned enterprises,verify the effectiveness of state-owned enterprise reform,and provide key indicators for exploring the driving mechanism of high-quality development of state-owned enterprises;(2)This thesis constructs an integrated analysis framework of innovation driven high-quality development of state-owned enterprises,and analyzes the dynamic mechanism of high-quality development.Explore the action mechanism of key driving factors such as board heterogeneity.CEO separation and innovation matching with external environmental factors on high-quality development,so as to provide theoretical reference for state-owned enterprises to achieve high-quality development;(3)QCA method is used to explore the configuration matching between the board of directors and CEO of state-owned enterprises.Looking for the impact of their configuration matching on the innovation of stateowned enterprises under the condition of environmental complexity,in order to find their effective matching mechanism and provide reference for improving the corporate governance of state-owned enterprises.The main limitations of this thesis are as follows:(1)only state-owned enterprises in 2019 are selected as the research sample.Future research can broaden the selection range of research samples.In addition,other research methods can be used to expand the research of this thesis;(2)The 25%quantile,75%quantile and their mean values are selected as the anchor values of the original variables,which has a certain subjectivity.In future research,appropriate calibration methods can be selected according to the characteristics of different indicators.