科学学与科学技术管理

科学学与科学技术管理 ›› 2024, Vol. 45 ›› Issue (04): 137-156.

• 创新战略与管理 • 上一篇    下一篇

资产剥离对国有企业数字技术创新的影响研究 ——基于管理层“意愿—能力”的视角

  

  1. 1. 南开大学 中国公司治理研究院，天津 300071；2. 南开大学 商学院，天津 300071
  • 收稿日期:2023-06-14 出版日期:2024-04-10 发布日期:2024-04-28
  • 通讯作者: 薛有志，xue1965@nankai.edu.cn
  • 作者简介:张钰婧（1996— ），女，汉族，湖北黄冈人，南开大学中国公司治理研究院，南开大学商学院博士研究生，研究方向：公 司治理、战略管理等；薛有志（1965— ），男，汉族，吉林集安人，南开大学中国公司治理研究院，南开大学商学院教授、博士研 究生导师，研究方向：公司治理、战略管理等。
  • 基金资助:
    国家自然科学基金面上项目（71372092）；教育部人文社科重点研究基地重大项目（22JJD630006）；天津市研究生科研 创新项目（2021YJSB080）

Research on the Impact of Divestitures on SOE's Digital Technology Innovation: From the Perspective of Executives' Willingness and Ability

  1. 1. China Academy of Corporate Governance, Nankai University, Tianjin 300071, China; 2. Business School, Nankai University, Tianjin 300071, China
  • Received:2023-06-14 Online:2024-04-10 Published:2024-04-28

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摘要： 加快推进国有企业数字化转型越来越受重视，合理配置现有资源对企业加大数字创新非常关键。通过对 2003— 2021 年 A 股国有企业上市公司进行研究，研究发现资产剥离可以提高国有企业的数字创新水平，划分剥离类型后发现 关联性资产剥离和战略性资产剥离可以提高企业的数字创新水平。基于管理层“意愿—能力”视角发现资产剥离可以 分别通过缓解内部信息不对称程度和提高数字创新注意力来提高企业的数字创新水平。并且通过建立有中介的调节 和有调节的中介模型发现非国有股东派遣董事对资产剥离和数字技术创新关系的正向调节作用通过缓解信息不对称 的中介效应实现，高管信息技术背景正向调节资产剥离提高管理层数字创新注意力这一中介路径。另外，对国有企业 这一研究主体进行分析，研究发现地方国企、高科技型国企、技术密集型国企和商业竞争类国企中资产剥离影响数字技 术创新的关系更为显著。

关键词: 数字创新, 关联性资产剥离, 战略性资产剥离, 非国有股东派遣董事, 高管技术信息背景

Abstract: State-owned economy as the first Subject of China's socialist market economy, plays a modelling role in the field of digital technology innovation, but the state-owned enterprises "owner absence", "insider control" and other problems are more prominent, and management has the dual characteristics of "economic person" and "political person", so management is not willing to carry out digital innovation with a long return on investment cycle, and makes strategic decisions that are more concerned about achieving performance goals than long-term corporate interests, resulting in the existence of a large amount of excess capacity in the enterprise but insufficient investment in R&D. In recent years, in order to promote the high-quality development of state-owned enterprises (SOEs), the government has introduced a series of policies to promote SOEs to remove excess capacity and focus on their main business which means realizing refocusing strategy, and divestiture is an effective way to realize the refocusing strategy. To a certain extent, divestiture decisions can reduce information asymmetry, improve internal governance structure, and alleviate the agency problem between shareholders and managers, so can divestiture influence management's myopia, promote enterprises to improve digital innovation, cultivate new impetus for economic growth, and effectively promote the transformation and upgrading of state-owned enterprises? What types of divestitures can promote enterprises to improve digital technology innovation? What contexts can influence the relationship between SOEs' divestiture and digital technology innovation? The above questions deserve in-depth discussion. Using a sample of Chinese state-owned A-share listed firms during 2003-2021, the result shows asset divestitures could improve the digital innovation level of state-owned enterprises, mainly related asset divestitures and strategic asset divestitures could improve digital innovation. Based on the executives' "willingness-ability" perspective, the result shows that asset divestitures could improve the digital innovation by alleviating internal information asymmetry and increasing digital innovation attention respectively. And through establishing the mediated moderation model and the moderated mediation model, it shows that the positive moderating effect of directors appointed by non-state-owned shareholders on the relationship between asset divestiture and digital technology innovation is achieved by alleviating the intermediary effect of information asymmetry, and the information technology background of executives positively regulates the intermediary path of asset divestiture to improve management's digital innovation attention. In addition, by analyzing the research subject of state-owned enterprises, the positive correlation between divestitures and digital innovation is more obvious in local state-owned enterprises, high-tech state-owned enterprises, technology intensive state-owned enterprises, and commercial competitive state-owned enterprises. The research has yielded the following implications: Firstly, government departments should further increase their policy support for the digital transformation of state-owned enterprises. Effective guidance should be provided to enterprises to improve their digital technology innovation, encourage them to actively make strategic adjustments, achieve rational allocation of resources, and continuously promote the digital transformation. Secondly, it is necessary to encourage the capital market to effectively identify corporate divestment strategies. The disclosure of information on asset divestments by enterprises is relatively incomplete, with only basic information such as the transacting parties and objects disclosed, making it difficult to obtain the true intentions. This research finds that related divestments and strategic divestments can effectively improve digital innovation, and different types of divestments can help investors to a certain extent in identifying the implementation intentions of corporate divestment decisions. Thirdly, it is crucial to enhance the awareness and capabilities of management in digital transformation. Unlike traditional IT technology, digital technology has a revolutionary and disruptive impact. Enterprise executives play a crucial role in strategic decision-making, and therefore, it is necessary to strengthen technical training for management, increase investment in technological elements, and improve their awareness and capabilities in digital strategic transformation.

Key words: digital innovation, related divestitures, strategic divestitures, directors appointed by non-state-owned shareholders, executives' information technology background

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