Research On Innovation Performance Of State-owned Enterprises Under The Situation Of Party Committee Participating In Corporate Governance

Innovation is an important driving force for economic development,and state-owned enterprises are the backbone of China’s economic development.However,the low innovation efficiency of state-owned enterprises has been widely criticized.The party committee’s participation in corporate governance is a major feature of state-owned enterprises,and the integration of the party’s leadership with the modern enterprise system to form a unique corporate governance system is an important goal of the reform of state-owned enterprises.Through the high quality of the party building to promote the development of state-owned enterprises with high quality is the focus in the state-owned enterprise party committee to participate in corporate governance,and one of the important ways for high-quality development of state-owned enterprises is to carry out technological innovation activities,so,whether the party committee to participate in corporate governance to enhance innovation performance of state-owned enterprises and improve the situation of low innovation efficiency of state-owned enterprises,this is a problem worthy of further exploration.This article takes the governance of the party committee of state-owned enterprises as the starting point,combines the principal-agent theory,path dependence theory and innovation theory,under the "two-way entry,cross-service" leadership system,taking2012-2017 A-share state-owned listed companies as the research sample.Through the establishment of multiple regression models to empirically test the impact of state-owned enterprise party committee participation in corporate governance on corporate innovation performance,and the intermediary role of internal control between party committee participation in corporate governance and state-owned enterprise innovation performance.The research results of this paper find that:(1)The party committee’s participation in corporate governance is conducive to improving the innovation performance of state-owned enterprises.In other words,the higher the party committee’s participation in corporate governance,the greater the innovation output of enterprises and the higher the innovation efficiency.The promotion effect of the party committee’s participation in corporate governance on innovation performance is mainly realized by the party committee members joining the board of directors and senior management;(2)Compared with local state-owned enterprises,the positive effect of party committee participation in corporate governance on innovation performance is more significant in central enterprises;(3)The positive effect of the party committee’s participation in corporate governance on the innovation output of state-owned enterprises is mainly reflected in the output of utility model patents and appearance design patents,but the positive effect on the output of invention patents is not significant;(4)Internal control plays a partial intermediary role between the party committee participation in corporate governance and the innovation output of state-owned enterprises.Party committee governance can affect the innovation output of state-owned enterprises by improving the effectiveness of internal control.This study puts forward the following policy recommendations on the basis of theoretical and empirical analysis:(1)State-owned enterprises should establish and improve the governance mechanism of the party committee and improve the corporate governance system;(2)Compared with the central enterprises,the local state-owned enterprises should strengthen the party committee’s participation in the construction of corporate governance mechanism;(3)When participating in the decision-making of innovation investment,the members of the party committees of state-owned enterprises should increase the control of invention patents and improve the quality of innovation output;(4)State-owned enterprises must improve the effectiveness of internal control;(5)State-owned enterprises should attach importance to the party committees’ role of guarding the key points and guiding the strategy on the "three major issues".The above conclusions and suggestions provide reference for better understanding the influence of party committee governance on the innovation of state-owned enterprises,and are of great significance for strengthening party building and promoting the high-quality development of state-owned enterprises.