Research on the Influence of Mixed-Ownership Reform on Exploratory Innovation of SOEs
The Mediation Effect of Agency Conflict and Financing Constraint
Bibliographic Data
| ID | 3334930 |
|---|---|
| Authors | Runsen Yuan (0000-0002-9506-9056, Yanshan University), Chunling Li (0000-0002-9496-4630, Yanshan University, corresponding author), Xinjie Cao (Central University of Finance and Economics), Nian Li (0000-0002-7615-4319, Yanshan University), Nosherwan Khaliq (0000-0002-8246-0240, Yanshan University) |
| Year | 2022 |
| Volume | 12 |
| Issue | 2 |
| Publication date | 2022-04-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | SAGE Open (JOURNAL) |
| Journal identifiers | ISSN: 2158-2440 • E-ISSN: 2158-2440 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/21582440221093358 |
| OpenAlex | W4280558092 |
| Language | EN |
| Citations received | 1 |
| References cited | 26 |
State-owned enterprises (SOEs) are the leading force in the national economy. The main goal of mixed-ownership reform is to enhance the SOEs' independent innovation capability, thereby bringing high-quality development of the national economy. Based on the baseline regression and mediation effect model, this study explores the impact of mixed-ownership reform on exploratory innovation of SOEs from ownership structure adjustment and control rights allocation. The results show that the diversity of mixed shareholders, the depth of mixed equity, and the control of mixed equity significantly increase the SOEs' exploratory innovation investment. And the shareholding ratio of heterogeneous shareholders has a differentiated influence on exploratory innovation. The mediation effect test indicates that the promotion effect of mixed-ownership reform of SOEs in the ownership structure dimension is achieved by reducing the second-type agency conflict and easing the financing constraints. In contrast, the promotion effect in the control rights allocation dimension is achieved by lowering the first-type agency conflict. The findings demonstrate that the mixed-ownership reform have positive effect on the SOEs' exploratory innovation investment, and the different dimensions of mixed-ownership reform have disparate function routes to exploratory innovation. This study provides guidance for SOEs on how drive national innovation development through mixed-ownership reform. SOEs should guarantee the rights of non-state-owned capital to hold shares and appoint directors, improve internal governance mechanisms, so as to accelerate the development of exploratory innovation activities
Agency cost · Business · Corporate governance · Emerging markets · Mediation · Principal–agent problem · Shareholder · State ownership · Corporate Finance and Governance · Firm Innovation and Growth · Private Equity and Venture Capital · Finance
Knowledge Networks, Collaboration Networks, and Exploratory Innovation
Over-investment of free cash flow
Innovation and Institutional Ownership
The myopia of learning
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Technological capability, strategic flexibility, and product innovation
The dynamics of product innovation and firm competences
Exploration and Exploitation in Organizational Learning
The Influence of Network Positions on Exploratory Innovation
Innovative Capability and Financing Constraints for Innovation
Resource and Capability Constraints to Innovation in Small and Large Plants
Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
| Highly cited | No |
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