| In the period of "new normal",China’s economic development is transforming from speed oriented to quality and efficiency oriented.The transformation and upgrading of traditional industries is an important project to improve the overall development quality of industries.After the exploration and practice of supply side reform in recent years,a number of traditional industrial enterprises have got rid of their business difficulties and moved towards a new path of high-quality development.According to the theory of Neo-Institutional Theory,institution is the decisive factor of economic growth and development.In order to give full play to the dynamic role of institution,the state provides corresponding institutional incentives and specific policy tools at different stages of development.In order to explore how the institutional incentives and policy tools of supply side structural reform work on traditional enterprises,this thesis takes Conch Cement,a leading enterprise in the cement industry,and Jidong Cement,an emerging strong enterprise,known as"South conch,North Jidong",as examples for case analysis.Since the subject to be studied is to answer the question about "how",this thesis chooses the qualitative text analysis research method.Firstly,the text data related to the target company before and after the implementation of the supply side reform are crawled from the industry information integration website,screened and sorted out,and then carried out grounded theory coding research.The process of coding is the process of studying the transmission path of institutional dynamics.The result showed:(1)The relevant institutions and specific policies of supply side reform give play to the driving force,pulling force and action force.The transmission of the "three forces" of supply side reform depends on the embedding of Party organizations and the rational identification of entrepreneurs.(2)Party organizations and entrepreneurs,as the intermediary conditions between the institutional incentive of supply side reform and enterprise strategic behavior,lead the formulation and implementation of enterprise strategy.(3)Under the guidance of Party organizations and entrepreneurs,traditional enterprises promote strategic transformation,enhance core competitiveness and increase market share through comprehensive innovation and coordinated development,so as to improve financial quality and promote the high-quality development of enterprises.At the same time,this thesis evaluates the financial quality of the case companies from 2014 to 2020 from the four dimensions of asset quality,liability quality,earnings quality and growth quality,and comprehensively evaluates its financial quality by combining factor analysis.The change trend of financial quality in multidimensional financial index evaluation and comprehensive evaluation is basically consistent with the institutional dividend effect,which confirms the research conclusion.Based on the above findings,this thesis gives suggestions for the highquality development of traditional State-Owned enterprises from four aspects:policy perception,party organization embedment,comprehensive innovation and coordinated development. |
