Research On The Relationship Between Institutional Environment And Firm Performance

As one of the important factors affecting economic growth,the system has attracted much attention from the theoretical and practical circles in recent years.Theorists generally believe that a good institutional environment is conducive to economic growth at the macro level and the development of organizational resources at the micro level.Combined with organizational innovation theory,it is found that both technological innovation and business model innovation are the main means for enterprises to innovate and gain competitiveness.Among them,business model innovation is the source of power for companies to transform from a declining life cycle stage to a metamorphosis stage.In recent years,it has gradually received the attention of corporate management.Technological innovation is the primary driving force for the high-quality development of enterprises.It can not only help enterprises solve the core technical problems of "stuck neck",but also can reduce enterprise costs,produce new products,and expand market share.Technological innovation will bring new products,new processes,and new management and other innovative results,helping companies realize the purpose of transforming R&D value into economic value,while business model innovation will help companies reshape business value and create new operating systems.The value of resources is effectively transmitted to the stakeholders of the enterprise,and finally the transformation of economic value is realized.For companies that want to achieve long-term change and growth,it is not enough to pay attention to changes in regional policies and systems.They also need to pay attention to the influence of innovative methods.Therefore,as an external factor for the survival of the enterprise,the institutional environment is in the process of influencing the development of the enterprise,is there an intermediary factor transmission mechanism?Technological innovation and business model innovation can also increase corporate value.Will changes in the company’s external system stimulate the company’s business model innovation and technological innovation,which in turn affects company performance? This is exactly the question that this article considers and studies.Based on this background and combing through the literature,this article first defines the confirmatory analysis model of business model innovation based on the view of organizational resources,and then uses SEM analysis and Bootstrap technology to empirically analyze the impact of the institutional environment on the performance of A-share listed companies and business model innovation And the mediating effect of technological innovation in the relationship between institutional environment and corporate performance,further analyze whether the difference in the nature of property rights affects the mediating effect of technological innovation and business model innovation.Finally,combined with the influence of the institutional environment,it puts forward countermeasures and suggestions for the innovative development of A-share listed companies.This article mainly obtains data sources from CSMAR,and uses 3255 listed companies on the main board as research samples to establish a structural equation model.The main research contents of the thesis are as follows:(1)Through the organization innovation theory and the organization resource view,the business model innovation model is described,and the first-order confirmatory factor analysis model is established to facilitate future research to use financial data to describe business model innovation.(2)Based on the perspective of innovation path,it analyzes the two-factor mediating role of business model innovation and technological innovation in the relationship between institutional environment and corporate performance.(3)Further analyze whether the nature of property rights has any influence on the intermediary effect of business model innovation and technological innovation.The results of the study found that: First,the institutional environment is significantly positively correlated with corporate performance,that is,optimizing the regional institutional environment can significantly improve corporate performance.Second,business model innovation and technological innovation play a significant intermediary effect in the relationship between the institutional environment and corporate performance,and the intermediary effect of business model innovation accounts for a large proportion.Third,it is found that both business model innovation and technological innovation in state-owned enterprises have significant mediating effects in the relationship between institutional environment and corporate performance,while the mediating effects of business model innovation and technological innovation in non-state-owned enterprises are not significant.