Research On Innovation Inputs And Corporate Performance In State-owned Enterprises

Facing the present situation and problems of innovation of the state-owned enterprise(SOE),most domestic scholars argue that the innovation investment performance of the SOE is less than that of the non-state-owned enterprises;however,they do not study the different innovation performance between SOE.This paper starts from the structure of SOE's board of directors(BOD),and divides the directors into administrative directors,directors at executive level and directors of the Party committee member according to their post experiences and incumbent posts,and then studies the regulation effect of the change of the proportion of the directors in the BOD on the relationship between SOE's innovation investment and enterprise performance.On one hand,this paper hopes to confirm that SOE's BOD is in the process of de-administration;on the other hand,it hopes to discover the different impacts of the background of the board members on the relationship between SOE's innovation investment and performance.This paper selects the related data of 217 state-owned manufacturing and software and information service industry listed companies from 2012 to 2016 as research samples,and takes company's R&D expenditure as an index of innovation investment,and then presents a research hypothesis and sets up a multiple regression model.The results show that: 1.proportion of company's Party committee members to the BOD is increasing,but that of executive directors to the BOD is in the decline;BOD of the SOE synchronously reduces the number of other executive directors in the political environment of strengthening the party's leadership,and it confirms the substantial changes of SOE in the board level.2.SOE's R&D investment is significantly positively related to the enterprise performance ROA,but the R & D investment intensity index(R&D investment accounts for the proportion of main business income)generally adopted by scholars is significantly negatively related to ROA;SOE's R&D investment is positively related to enterprise performance,while the proportion of R&D investment to main business income is negatively related to the enterprise performance.It proves that the R&D investment of SOE can improve enterprise performance,but the proportion of its investment scale to enterprise income inhibits the enterprise performance.The conclusion shows that the increase of R&D investment in SOE can improve their own performance,but it also needs to consider their own income to make both ends meet.3.Since Party committee members are low in the proportion of BOD,their regulation effect on R&D investment and enterprise performance is not significant;however,the proportion of administrative directors including directors of Party member significantly increases the negative correlation between R&D investment intensity and enterprise performance,and its moderating effect on the positive correlation between R&D investment and enterprise performance is not significant;the proportion of directors at executive level to BOD increases the positive correlation between R&D investment and enterprise performance.These conclusions show that,reduction of the executive directors' proportion can reduce their moderating effect on R&D investment and enterprise performance,and even for the Party committee members with high political literacy,their moderating effect on SOE's R&D investment and performance is not obvious due to low proportion of them in the BOD.The directors at executive level can effectively make use of the R&D investment and improve enterprise performance.