Research On High Quality Development Of Manufacturing Enterprises From The Perspective Of Network Embeddedness

General secretary Xi Jinping pointed out at the nineteenth National Congress of the Communist Party of China:"our economy has shifted from the stage of rapid growth to the stage of high quality development,and is in the key stage of changing the mode of development,optimizing the economic structure and changing the driving force of growth.Building a modern economic system is an urgent requirement for crossing the gateway and the strategic goal of China’s development."Therefore,scholars and theorists have reached a consensus on this major judgment.China’s economy has been transformed from a stage of rapid growth to a stage of high-quality development.High quality economic development is a stage that our country must go through to maintain a good economic operation,and a development process that is conducive to the transformation of our country from an economic power to an economic power.As the micro foundation of economic society,high-quality development of enterprises is the foundation and realization form of high-quality economic development.and high-quality development of enterprises is the fundamental cornerstone of high-quality economic development in China.Economic people in society have social attributes,and their behavior decision-making can’t maintain complete independence,but will be influenced by other economic people’s behavior decision-making in social network.Similarly,economic organizations also have social attributes.As the basic unit of production and operation in economic society,enterprises also have various relations with each other,and their behavior decision-making is also embedded in the network The influence of collaterals.Enterprise network embedding can not only enhance the ability of resource acquisition and information sharing between enterprises,but also strengthen the trust and mutual benefit foundation between enterprises.So,what kind of network do enterprises embed with each other?What is the status quo of its embedding?How does network embedding affect the behavior of enterprises and the quality of their development?In order to answer the above questions.this paper studies the impact of network embedding on the high-quality development of enterprises from the perspective of network embedding for the first time.This paper first combs the development of the existing literature.provides the related theoretical support for the research of this paper,and demonstrates the value of the research.Secondly,using the data of listed companies with high transparency,the network structure map based on the chain director network,cross shareholding network and guarantee network of enterprises is established,and the social network analysis method is used to analyze the current situation of enterprise network embedding.Thirdly,we use economic analysis method and social network analysis method to investigate the impact of network embeddedness on the high-quality development of enterprises.Finally,the conclusion is drawn and the corresponding policy suggestions are put forward.In this paper,the interpersonal relationship represented by the chain director relationship,the interest relationship represented by the cross shareholding relationship and the credit relationship represented by the mutual guarantee relationship are integrated into a unified analysis framework,and the network of manufacturing listed companies is comprehensively analyzed from three dimensions of human,stock and capital,In addition,this paper demonstrates the applicability of TFP,Organizational Resilience and corporate social responsibility as indicators of high-quality development of enterprises,and makes a comprehensive analysis of the high-quality development of manufacturing listed companies.Through the arrangement and calculation of the network embeddedness of listed companies,this paper finds that the overall density of the director network has been on the rise year by year since 2003,and there has been more and more close connection between listed companies through the cross holding of directors,among which the companies with chain directors are the most in the computer,communication and other electronic equipment manufacturing industry,and the cross holding network is the whole After reaching the peak in 2014,the degree of participation gradually weakened,and the network connection showed a trend of intensive;the overall density of the guarantee network has gradually weakened since 2003,and only nine listed companies are in the guarantee network by 2018.The phenomenon of network embeddedness of Listed Companies in China is widespread,and there are different development trends in different dimensions of enterprise network embeddednessIn terms of total factor productivity,the director network plays a significant role in promoting its promotion,and the enterprises occupying the central position in the director network can enhance their own resource allocation ability,which is of great significance to the development of their own height and quality.The external director network plays a more important role in promoting TFP,and the debt cost plays an intermediary role in the relationship between them.Enterprises that occupy a central position in the cross shareholding network have higher TFP.When listed companies are in the position of cross shareholding network bridge,the total factor productivity of enterprises will be improved.The more the listed companies deviate from the hole position of cross shareholding network structure,the worse the performance of the company’s resource allocation.The tunneling of large shareholders weakens the positive role of cross shareholding network,and the cross shareholding network structure is affected by CEO’s financial background.The listed companies in the guarantee network will have lower total factor productivity,and the non-state-owned enterprises will be more negatively affected.The guarantee network also weakens the enthusiasm of innovation investment of listed companies and further weakens the efficiency of resource allocation of enterprises.In terms of Organizational Resilience,the dominant position of the chain director network increases the organizational resilience of the enterprise.The listed companies in the manufacturing industry can strengthen their ability to resist risks and get out of the crisis by reasonably building the chain director association.The external chain director network has a stronger role in promoting the organizational resilience.The dominant position in the chain director network eases the financing constraints of the company and further increases the organizational resilience of the company.In the cross shareholding network,the central position of the company in the cross shareholding network will lead to the weakening of its organizational resilience.However,holding the shares of other listed companies and occupying the center of cross shareholding network significantly enhanced the organizational resilience of enterprises.The level of finance has a reverse effect on the relationship between cross shareholding network and organizational resilience.In terms of corporate social responsibility,the enterprises occupying the central position in the director network have higher social responsibility rating.When the listed company is in the advantageous position of the director network,the listed company can better connect to other listed companies through the director network,obtain more information and resources,and thus take more social responsibility.Due to the strong externality of social responsibility,corporate social responsibility has a greater impact on the reputation of internal directors,so the impact of internal director network is greater.In addition,if the chairman of the board has a political background,the impact of the director network on the corporate social responsibility rating index will be weakened.When companies are more likely to connect to other listed companies through cross shareholding network,their willingness to undertake social responsibility is higher,and their corporate social responsibility rating is higher.Industry competition variables play a negative role in regulating the relationship between cross shareholding network and corporate social responsibility rating.After the listed manufacturing companies join the guarantee network,due to the existence of adverse selection and moral hazard,their social responsibility rating index is significantly reduced in both the current period and the previous period,and their social responsibility rating is significantly reduced no matter whether the listed companies are guarantors or guaranteed parties.News media,as the main body of public opinion supervision,is conducive to the promotion of corporate social responsibility,but after enterprises join the guarantee network,the role of public opinion supervision is weakened.The formation of the network is often not optimal.When forming the network,people do not include the influence of the network embedded relationship into the behavior decision-making.Therefore,improving the enterprise relationship from the perspective of the network will help the enterprise to improve its own development quality.China’s society will also enhance the overall economic strength and obtain high-quality development.The research of this paper will help the listed companies in manufacturing industry to clearly understand the role of network relationship in their own development,and also help policy makers grasp the trend of enterprise network relationship from the macro level,and dynamically adjust relevant policy measures.From the three aspects of total factor productivity,organizational resilience and corporate social responsibility,this paper studies the high-quality development of enterprises,which embodies the new development concept of the new era,and can better reflect the logical framework of high-quality development of enterprises.It provides useful reference for both the development of manufacturing listed companies themselves and the government supervision.