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| Board of Directors Group Faultline, Ownership Concentration and Company Innovation Strategy：Evidence from Listed Board Venture Companies |
| Yuan Chunsheng,Li Chenyi |
| （School of Accounting，Shanxi University of Finance&Economics，Taiyuan 030006，China） |
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Abstract The innovation strategy is an overall plan or plan for enterprises to respond to market competition, meet customer needs, and implement innovative activities. The formulation of the company's innovation strategy is influenced by the decision of the board of directors. Based on the theory of team fracture zone, this paper divides the fracture zone of the board of directors into task-related fault zone and physiological characteristic fault zone, selects the GEM listed company as the research sample, and studies the fracture zone of the board of directors based on the relevant data of the sample company from 2013 to 2017. The relationship between innovation strategies, and through the introduction of the adjustment variable of equity concentration, explores the role of equity concentration in the impact of the board group break zone on the innovation strategy, and draws the following conclusions:①the physiological characteristic fracture zone of the board of directors there is a negative correlation between the company's innovation strategy and the company's innovation strategy;②there is a positive correlation between the task-related fracture zone and the company's innovation strategy;③the equity concentration plays a positive role in the relationship between the physiological characteristic fracture zone and the innovation strategy；④the concentration of ownership plays a negative role in the relationship between the mission-related fault zone and the innovation strategy. The research results of this paper have reference and reference significance for enterprises to select board members, improve the quality of entrepreneurial strategy decision-making and improve corporate governance mechanism.
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Received: 19 June 2019
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