| For enterprises,an excellent management team is the key factor.Therefore,the ability of enterprise executives determines the feasibility and sustainability of enterprise development strategy in a sense.As important as the construction of talent team is the innovation strategy of enterprises.Both the 13 th five-year plan and the 14 th five-year plan take national and enterprise innovation as an important driving force for national economic growth.For enterprises,the choice of innovation strategy is the key to the development model driven by innovation.One is exploratory innovation with subversive effect,the other is mining innovation with improving effect.Which choice will be better is worthy of in-depth theoretical and empirical research.This paper takes this as a breakthrough and starts from the perspective of management ability.This paper discusses the logical relationship between the choice of innovation strategy and enterprise risk control,takes green sustainable development as the goal,and discusses the in-depth impact of strategic choice on enterprise sustainable development strategy.In 2016 the State Council issued the " national innovation driven development strategy outline,emphasized the importance of innovation and innovation play a role in the economic and social development,clearly put forward the country to realize the development strategy of " innovation driven ".As mentioned in the Outline,"the essence of innovation-driven development is talent driven",we should encourage and fully reflect the effectiveness of entrepreneurs in innovation activities,promote the training of innovative entrepreneurs,and enhance the innovative consciousness of professional managers.The improvement of a society’s innovation ability requires not only the progress and development of technology,but also the support and promotion of management.Managers play a significant role in the innovation activities,management as the core of enterprise organizer,reasonable deployment of technology,resource management,and the influence factors,such as market factors,enable it to realize the organic integration,not only achieve the efficient allocation of resource,as well as the transformation of technology can better to corporate performance,to realize sustainable development.Reasonable and effective use of the heterogeneity of managerial ability is of great help to the development of innovation activities of enterprises.To realize the maximization of income and efficiency,it depends on whether managers can rationally allocate resources within the limited resources and give play to their efficiency.Capable managers can make full use of their limited resources to create higher value for the enterprise.Based on the above background and requirements,we can clearly find that there is a close correlation between enterprise innovation strategy and enterprise operation.The correct formulation and implementation of strategy can greatly improve enterprise performance and minimize enterprise operation risk.This paper focuses on the role of management ability,which is often ignored,in the process of enterprise innovation.Specifically,this paper first discusses the impact of management capability on the choice of enterprise innovation strategy,and then analyzes the impact of mining innovation strategy on enterprise risk control(business risk)and exploratory innovation strategy on enterprise risk control(business risk)around the differences of different innovation strategies.It also analyzes the regulatory role of enterprise management ability and incentive to management.On this basis,the concept of green innovation strategy is further introduced,mainly because under the background of the national "double carbon" strategy,conforming to the green development strategy is the key measure to control the business risk of enterprises.First,managerial ability and enterprise innovation strategy.Innovation strategy is the overall planning of enterprise innovation,which determines the success of enterprise innovation activities.In their research,Bonner divided the innovation strategies commonly adopted by enterprises into two distinct types: the exploratory strategy with more adventurous spirit and greater risk(hereinafter referred to as exploratory strategy)and the more conservative and more robust mining strategy(hereinafter referred to as mining strategy).The two seem similar,but in fact they have a completely different impact on the development of enterprise innovation activities.Adaptive innovation strategy is the basis of enterprise innovation,and as the maker of innovation strategy,managerial ability has a vital impact on the formulation of enterprise innovation strategy.But at present,most enterprises do not realize the relationship between the two but look at them separately.Therefore,the research of this thesis will help enterprises more appropriately grasp the relationship between managerial ability and innovation strategy choice,and contribute to the implementation of enterprise innovation activities,which has strong practical significance.The results show that the stronger the ability of the management,the more inclined they are to choose the exploratory innovation strategy rather than the exploratory innovation strategy.The current salary incentive means do not significantly change the preference of the management for the innovation strategy,while the equity incentive can effectively promote the competent management to choose the exploratory innovation strategy.In state-owned enterprises,the preference of competent managers for exploratory innovation strategy and the avoidance of exploratory innovation strategy are more significant than those in non-state-owned enterprises.After the promulgation of the national innovation driven development strategy outline,enterprises’ avoidance of exploratory innovation strategy has decreased significantly,but at the same time,more enterprises still choose to carry out innovation activities through mining innovation strategy.Although the risk of digging innovation strategy is small and the expected income is relatively stable,it is obvious that compared with exploratory innovation strategy,the innovation achievements of digging innovation strategy are also small,and it is difficult to really promote the innovation ability.Too many choices of mining innovation strategy will make enterprises in a disadvantageous position in the long-term market competition,which also explains to a certain extent why there are many innovation achievements in China,but the quality is low.In addition,the current salary incentive policy has no significant impact on the ability of management and the choice of innovation strategy.Finally,in high-tech enterprises,management capability can promote enterprises to choose exploratory innovation strategy,which proves that the preference direction of management capability for innovation strategy is closely related to the development direction of enterprises.Therefore,China should continue to deepen the implementation of innovation driven strategy.Second,managerial ability,exploit innovation strategy and enterprise performance.Exploit innovation strategy has the characteristics of low risk and stable output.Therefore,enterprises with strong managerial ability will prefer relatively conservative exploit innovation strategy.Therefore,this thesis mainly studies whether exploit innovation breeds strategic innovation and causes damage to enterprises? This thesis interprets this problem from the perspective of the impact of exploit innovation on enterprise performance.In addition,enterprises with stronger managerial ability can obtain higher enterprise performance,but from the existing research conclusions,managerial ability has a high bias for exploit innovation.Will this bias harm enterprise performance? Or can managerial ability alleviate the harm of exploit innovation to enterprise performance? This thesis will use the managerial ability as the regulatory variable to test whether the managerial ability can play a positive regulatory role in the impact of exploit innovation on enterprise performance.The results show that exploit innovation strategy will reduce enterprise performance and have a negative impact on it,and the interaction between managerial ability and exploit innovation will further expand this negative impact.The conclusion of this study is robust.In addition,this thesis finds that the interaction between managerial ability and exploit innovation is reflected in the R & D manipulation of enterprises.When the R & D manipulation of enterprises is high,the negative regulatory effect of managerial ability on the impact of exploit innovation and enterprise performance is more significant.Combined with the interpretation of strategic innovation,this also explains why the managerial ability,which is a positive factor,will reduce the enterprise performance after interaction.Finally,the negative regulatory role of managerial ability in the impact of exploit innovation and enterprise performance is more significant in larger enterprises than in smaller enterprises.At the same time,this regulatory role is more significant in non-state-owned enterprises than in state-owned enterprises.This means that enterprises need to further improve their internal control level,strengthen the supervision and control of the management,and improve the incentive system for the management,so as to curb this phenomenon of R&D manipulation,reduce strategic innovation and improve enterprise performance.Third,managerial ability,exploratory innovation strategy and enterprise management risk.Based on the consideration of risk aversion and other factors,the managerial ability will choose more mining innovation strategies and less exploratory innovation strategies.R&D and innovation work itself is uncertain and unpredictable,and exploratory innovation strategy amplifies this characteristic.Therefore,this risk is an important factor that every management cannot ignore when considering innovation investment.Therefore,a question that this thesis wants to explore is whether exploratory innovation strategy has a direct impact on enterprise management risk.The answer to this question can not only answer whether the exclusion of Chinese enterprises from exploratory innovation strategy based on risk aversion is reasonable,but also reflect whether the risk brought by R&D investment occupies a relatively important position in the enterprise operation risk to a certain extent.The results show that the exploratory innovation strategy will promote the rise of enterprise management risk,and the managerial ability cannot effectively adjust the rise of this risk.At the same time,in the enterprises with high managerial ability,the exploratory innovation strategy is more significant for the improvement of business risk,while in the enterprises with low managerial ability,the exploratory innovation strategy cannot significantly promote the improvement of business risk.In addition,overconfidence of the management is one of the reasons why the management’s ability cannot effectively play its role in risk aversion.The stronger the ability of the management,the more prone it is to overconfidence,which further boosts the impact of exploratory innovation strategy on enterprise business risk.This also explains why exploratory innovation in enterprises with high managerial ability will have a more significant impact on enterprise management risk.Finally,compared with the improvement of business risk brought by traditional innovation activities,the improvement of business risk brought by exploratory innovation strategy shows different characteristics.Factors such as internal control,enterprise finalization,government subsidies and enterprise diversification cannot effectively affect the business risk brought by exploratory innovation strategy.This means that enterprises cannot use traditional vision and methods to examine and deal with the risks brought by exploratory innovation strategy and need to conduct more in-depth research to avoid its risks.The innovation of this thesis lies in:First,there is a serious problem of "large quantity and low quality" in China’s innovation.This paper interprets the cause of this phenomenon from the perspective of enterprise innovation strategy choice.This paper finds that the enterprise’s strategic choice is based on the empirical consideration of investment and output,rather than the empirical test of innovation.Due to the strategic orientation of mining innovation strategy,although the innovation achievements of enterprises can stabilize the output,they are difficult to have high quality and breakthrough,which leads to the problem of "large quantity and low quality" to a certain extent.Through the analysis of the causes of the problem,it will help China to solve the problem of "large quantity and low quality".Second,from the perspective of management capability,this paper studies enterprise innovation activities,examines the impact of management capability on the choice of innovation strategy,and then discusses the economic consequences caused by different innovation strategies and the role of management capability,which enriches the relevant literature on the influencing factors of enterprise innovation to a certain extent.This paper focuses on the impact of management ability on the choice of enterprise innovation strategy,and empirically tests the preference of management ability for enterprise innovation strategy,which has a certain guiding role for enterprises to carry out innovation activities.Third,at present,there are different opinions on the impact of executive incentive on enterprise innovation.This paper interprets it from the perspective of management ability and finds that the impact of executive incentive is multi-directional and complex.The current salary incentive system does not significantly change the preference of management for innovation strategy,while equity incentive can effectively promote competent management to choose exploratory innovation strategy and formulate reward and punishment mechanism for enterprises.It plays a guiding role in promoting innovation and development.Fourth,this paper studies the economic consequences of enterprise innovation strategy from the perspective of management ability.The results show that the "steady" exploratory innovation strategy will damage the enterprise performance under certain conditions,while the risk of the "high-risk" exploratory innovation strategy is more caused by the overconfidence of the management,which plays a certain guiding role in the choice of innovation strategy and innovation activities.Fifth,most of the previous research on green management innovation focused on how enterprises adopt technological innovation to realize green innovation or define the connotation of green innovation strategy.There is less research on what performance the implementation of green innovation strategy can bring to enterprises.Even fewer scholars discuss the impact of the implementation of green innovation on the acquisition of enterprise competitive advantage from the perspective of managers’ identity,especially the positive impact of management’s attention to green innovation on enterprise performance,which is more important and meaningful under the national "double carbon" policy framework. |
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