Excessively Appointed Director by Non-state-owned Shareholder and Digital Transformation of State-owned Enterprise
Based on the data of a-share State-owned listed companies from 2008 to 2021,this paper explores the impact of Non-state-owned shareholders over-appointing directors on the digital transformation of State-owned enterprises.The findings are as follows:Non-state-owned shareholders'over-appointment of directors can significantly improve the State-owned enterprises'digital transformation level,and it can be achieved by strengthening innovation ability,promoting equity incentive and easing financing constraints;Heterogeneity test shows that the above-mentioned relationship is more significant in local soes,competitive industries and soes with high attention in capital market;The expansion analysis shows that when Non-state-owned shareholders over-appoint directors,the value-creation effect of State-owned enterprises'digital transformation is prominent.The article enriches the research category of Non-state-owned shareholder governance,and provides a theoretical basis for State-owned enterprises to improve the level of digitization and achieve higher quality development.
non-state shareholdersexcessively appointed directordigital transformation of state-owned enterprise
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