Board Social Capital,Strategic Change And The Value Of State-owned Enterprises

According to the report of the 19th National Congress of the Communist Party of China,"China's economy has changed from a stage of high-speed growth to a stage of high-quality development".In the period of economic transformation and upgrading,the real situation requires that Chinese state-owned enterprises should pay more attention to value creation rather than simply scale expansion and profit growth.SASAC has also highlighted the assessment of the economic added value of state-owned enterprises in the guiding measures for the assessment of the operational performance of the heads of central enterprises.In the current environment full of complexity and uncertainty,how to adjust the strategy to seek their own survival and development,and how to continuously improve the value of enterprises have become a common concern of the practical and academic circles.Under the new normal,strategic change is an important way for state-owned enterprises to achieve breakthrough and development.As the core business decision-making body,the strategic function of the board of directors is increasingly prominent.Therefore,how the board of directors affects the strategic decision-making and the value creation of the enterprise has become an important issue in the field of corporate governance.The invisible feature of the social capital of the board of directors explains this problem from the perspective of resource channel.Therefore,from the perspective of the social capital of the board of directors,it is of practical significance to carry out the research on the role of the board of directors in the value creation of enterprises through strategic change decisions.In the new era,more and more enterprises pay attention to the power of mission.The mission of an enterprise reflects the common cognition of an organization.It not only affects the awareness of value creation,but also affects the strategic change decision-making of an enterprise.Carrying out relevant research will help to clarify the important role of mission in the strategic decision-making and value creation of an enterprise.After decades of development,the board of directors has developed from a "rubber stamp" to an important strategic role,and its strategic participation function is increasingly prominent today,so the ability of board members to provide strategic resources for enterprises with social capital is particularly important.In the field of corporate governance,the social capital of the board of directors has been paid more and more attention,but the relevant research rarely uses the "structure behavior performance" paradigm based on more practical logic to explore its mechanism.Therefore,it is the call of the times of governance practice and an important topic of governance research to analyze the impact mechanism of the board of directors on corporate performance from the perspective of strategic behavior of the board of directors.Strategic change is an important strategic behavior for enterprises to cope with changes and achieve development.It has been found that the board of directors is an important participant in strategic change,and strategic change has a significant impact on enterprise value.However,theoretical research on the strategic change participation and value creation of the board of directors is rare.In addition,situational factors are important driving factors for strategic decision-making and value creation of enterprises,but previous studies have not paid enough attention to the role of governance context,especially the mission of enterprises.Among the internal situational factors,the domestic research on corporate mission is obviously insufficient,the research results are very scarce,and the way of its role is not clear,so it is necessary to enrich the relevant research on mission.Based on the practical and theoretical background,this paper uses normative research methods,according to social capital theory,resource-based view theory,resource dependence theory and organizational cognitive theory,combs and analyzes the relevant literature of the board of directors' social capital,corporate mission,strategic change and corporate value,and puts forward the false based on the analysis of the mechanism of the key pre factors of corporate value Set up and construct the mechanism model of the state-owned enterprise board of directors to influence the enterprise value through strategic participation under the mediation of the enterprise mission.This paper uses empirical research to verify the hypothesis and model.Taking A-share state-owned listed companies from 2012 to 2017 as the research sample,the board of directors information and enterprise financial information data are obtained through Guotai'an database and Wind database,the basic information of enterprise mission is obtained through content analysis of annual reports of enterprises,and the empirical research is carried out after the data information is sorted out manually.The results show that:(1)Rich political association of board of directors is conducive to enhancing the value of state-owned enterprises;(2)The board of directors with rich political connections tends to choose a greater degree of strategic change;(3)Corporate mission strengthens the positive role of political association of board of directors in the degree of strategic change of enterprises,and the strengthening effect is stronger when enterprises are faced with performance pressure;(4)Strategic change and enterprises The relationship between values is inverted U-shaped,that is,with the increase of the degree of enterprise strategic change,the enterprise value shows a trend of first increasing and then decreasing;(5)Strategic change plays a nonlinear intermediary role between board political association and the enterprise value.The innovations of this paper are as follows:(1)strategic participation is included in the theoretical system of the board of directors' influence on enterprise value creation,the theoretical model of social capital strategic change enterprise value of the board of directors is established,and the black box of the board of directors' governance is partially opened to make the logic of theoretical research more suitable for management practice;at the same time,a relatively complete research system of strategic change is constructed It is rich in the study of strategic change;(2)it pays attention to the role of internal cultural context factors of enterprises,which is incorporated into the theoretical system of corporate mission to the social capital of the board of directors and the value of state-owned enterprises,and takes it as a regulating variable to analyze the impact of mission on the relationship between the social capital of the board of directors and the strategic change of enterprises,which has a certain guiding role in guiding enterprises to pay attention to mission construction.The limitations are mainly reflected in the measurement of corporate mission and corporate value.In fact,EVA only covers the economic value of enterprises.The social value,environmental value and employee value of enterprises are all worthy of attention.However,due to the limitation of measurement methods,this paper does not include them in the research.In the future,it is necessary to develop a broader measurement of enterprise value.This paper uses David's nine factor method to measure the corporate mission,but this method also has some limitations,which can not directly reflect the corporate mission.In the future,the research should further develop the corporate measurement method suitable for China's situation.