Participation of Non-state-owned Shareholders in Governance and Digital Transformation of State-owned Enterprises:Promoting or Inhibiting?
The digital transformation has practical significance for the high-quality development of state-owned enterprises,and further research is needed to determine whether the participation of non-state-owned shareholders in governance can break through the constraints of institutional mechanisms on the digital transformation of state-owned enterprises.This article takes China's A-share state-owned listed companies from 2014 to 2021 as a research sample to explore whether the participation of non-state-owned shareholders in corporate governance can promote the digital transformation of state-owned enterprises,and what is the impact mechanism.Research has found that the participation of non-state-owned shareholders in governance has a positive promoting effect on digital transformation.Mechanism research has found that the participation of non-state-owned shareholders in governance mainly promotes the digital transformation of state-owned enterprises through the release mechanism of entrepreneurial capabilities,which promotes the allocation of entrepreneurial capabilities towards digital transformation and promotes the implementation of digital transformation.Further examination reveals that,on the one hand,the participation of non-state-owned shareholders in governance enhances the sensitivity of state-owned enterprise managers to turnover performance,forming a pressure transmission mechanism for state-owned enterprise managers;on the other hand,the participation of non-state-owned shareholders in governance has increased the willingness of managers to take risks,forming a risk sharing mechanism for digital transformation,which is conducive to the digital transformation of state-owned enterprises.The results of the split sample test show that the above-mentioned channels of influence do not exist in state-owned absolute holding companies.Finally,this article provides theoretical basis and policy recommendations for breaking down the institutional barriers to the digital transformation of state-owned enterprises.
governance by non-state-owned shareholdersdigital transformation of state-owned enterprisespressure conductionrisk pooling
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