关键词: 国家治理, 产权性质, 政治关联, 战略重构

Abstract: As an external governance mechanism, public governance affects the strategic decision-making behavior of enterprises. The most prominent public governance reform in China at present is to build a modern national governance system. Based on the perspective of the nature of property rights and political connection, this paper examines the corporate strategic restructuring behavior after the change of national governance. On the whole, the evidence of strategic restructuring of Listed Companies in China since the modernization of national governance is found. Politically related enterprises can adapt to environmental changes and make timely strategic adjustments. State-owned property rights have promoted strategic restructuring of enterprises since the modernization of national governance, but the role it plays are mainly reflected in reducing the relational strategic expenditure. In terms of strategic expenditure, the initiative of strategic restructuring of state-owned enterprises is insufficient. The result of this paper can be used to evaluate the efficiency and effect of the modernization of national governance, provide experience for future reform and development, and provide countermeasures and suggestions for sustainable development of enterprises in the future.

Key words: national governance, nature of property rights, political connection, strategic restructuring