Research On The Relationship Between Social Trust And Enterprise Innovation From The Perspective Of Rational Culture

The "14th Five-Year Plan" proposes that my country should move from a technological "follow-runner" to a "leader-runner" in more fields,demonstrating the core position of innovation in the framework of modernization.Under the basic national conditions of innovative development,intensified international shocks,restricted patent protection,and vicious competition among enterprises have led to low input and low output for enterprise innovation.The continuity of the international and domestic environment determines the restraint and gradual nature of innovation reform.As a supplement to the formal system,social trust can improve the efficiency of resource allocation,reduce transaction costs,and accelerate the efficiency of capital turnover.It is of great significance to ensure the normal operation of the market,promote the sustained and steady growth of the economy,enhance the innovation capabilities of enterprises and accelerate the development of economic transformation during the transformation stage of my country.Therefore,this article's in-depth study of the driving factors and effective paths of enterprise innovation will become the key point of my country's industrial transformation and upgrading and sustained economic growth.It will also have important theoretical and practical significance for building a technologically powerful country,improving competitive advantages,and achieving a well-off society in an all-round way..This article takes the Shanghai and Shenzhen A-share listed companies from2009 to 2019 as a sample to conduct research.Based on information asymmetry theory,transaction cost theory and signal transmission theory,from the perspective of traditional Chinese sentiment and culture,it examines the relationship between social trust and corporate innovation.It also explores the conduction effect of financing constraints and the moderating effect of Confucian culture.At the same time,it further introduces the basic characteristics of the enterprise and the characteristics of the external environment,and considers the heterogeneous differences in the impact of social trust on enterprise innovation.Finally,relevant suggestions are made based on the research conclusions.The research conclusions are as follows:(1)Social trust can speed up the efficiency of information transmission,alleviate information asymmetry,reduce agency problems and reduce transaction costs,thereby promoting corporate innovation;(2)Financing constraints play a part of the intermediary role between social trust and corporate innovation.Social trust can affect the signing and execution of contracts,speed up the transmission of information,and increase investors' willingness to invest,thereby alleviating financing constraints and enabling corporate innovation activities to continue;(3)Confucian culture can enhance social trust in promoting corporate innovation It can constrain the thoughts and behaviors of individuals and organizations from a cultural perspective,and enhance the willingness to innovate;(4)Further research found that in the group sample test of the nature of property rights,compared with state-owned enterprises,social trust in non-state-owned enterprises promotes enterprise innovation The effect is more significant;among the samples of different legal environments,social trust has a greater role in promoting innovation in enterprises in a low-rule-of-law environment;based on the grouping test of different risk levels,social trust can effectively alleviate the high level of risk.The issue of enterprises reducing their investment in innovation;among the grouped samples with different levels of information disclosure,the promotion of corporate innovation by social trust is more sensitive to companies with lower levels of information disclosure.Based on the above conclusions,this article puts forward corresponding policy recommendations from both the corporate and government levels.At the corporate level,it is necessary to improve its internal governance mechanism and actively disclose information about innovative projects.At the government level,the government should pay attention to social trust and Corresponding formal systems must be improved to better promote the building of a creditable society and a powerful country in science and technology.