Research On The Impact Of Corporate Governance Level On The High Quality Development Of Manufacturing Companies

Since the 19 th National Congress put forward the major assertion of high-quality development,whether it is the real economy’s deemphasis to the real,or the development from a big country to a strong country,it is inseparable from the development and construction of advanced manufacturing industry.The Chinese economy in the context of high quality development urgently needs to provide a strong boost to the high quality development of the economy through the high quality development of manufacturing enterprises.This paper compares the research literature related to high quality development at different levels,and deduces the influence of corporate governance level on high quality development of manufacturing enterprises based on relevant theoretical analysis,and then discusses the two mechanism from the perspective of corporate innovation and financing constraints.The regression results of the mediation model,in which the level of corporate innovation is represented by R&D input and innovation output,show that the level of corporate governance can promote the high-quality development of manufacturing firms by enhancing R&D input and innovation output,which means that there is a partial mediation effect of corporate innovation.In addition,since the production of manufacturing enterprises has certain capital requirements for fixed asset investment and R&D investment,they are more likely to face financing constraints.The regression results of the mediating effect model of financing constraints indicate that the level of corporate governance can promote the high-quality development of manufacturing enterprises by alleviating financing constraints.The robustness of the regression results is verified by replacing the measure of the dependent variable,regressing the level of corporate governance with a one-period lag,and the PSM propensity matching score.Finally,the impact of corporate governance level on the high quality of manufacturing firms under the heterogeneity perspective is explored,leading to the following conclusions:(1)the higher the level of marketization,the more significant the impact of corporate governance level in promoting the high quality development of manufacturing firms;(2)the impact of corporate governance level in promoting the high quality development of manufacturing firms is greater in industries lacking market competition;(3)the relationship between the level of corporate governance and high-quality development of manufacturing firms varies by region,and is significantly positive in the eastern and western regions,but insignificant in the central region.The research in this paper provides micro-level support for macro-level high-quality development and explores the factors influencing the high-quality development of manufacturing enterprises from a new perspective,which enriches the existing literature to a certain extent,while the quantitative research conducted in this paper has important practical implications for manufacturing enterprises to improve the quality of development and narrow the gap with manufacturing enterprises in advanced countries in the world.