Technological Innovation,Corporate Governance And Stock Idiosyncratic Risk

The stock risk trait, also called as heterogenous risk or heterogeneity in return volatility, reflect the whole performance change of listed companies. The quality of listed companies risk level can reflect the country or region’s stock market efficiency levels. China, as an emerging marketing economy countries, makes the manufacturing industry as the pillar industry of national economy. The dual characteristics of emerging and transition makes the performance of listed companies has significant correlation with manufacturing technology innovation ability and the level of corporate governance. This article is based on "technology innovation-corporate governance-stock risk" associated perspective, research on the stock risk trait of manufacturing listed companies and the relationship between technical innovation level and the content about corporate governance. The purpose of this study is exploring how to improve the corporate governance, enhance the enterprise innovation investment, improve the enterprise performance and stabilized the company’s share prize, finally make the stability of the certain company stock risk on a certain level.In this paper, the main contribution and innovation are as follows. Domestic literature research about company stock trait is less, and there is little detailed research combined with the micro content of corporate governance. This paper based on the manufacturing technology for the first time and focus on stock trait from the perspective of innovation performance and corporate governance, exam from the perspective of ownership structure, executive shareholding and corporate governance, study the influence of R&D investment in enterprise technology innovation, to solve the problem of innovation inefficient about manufacturing listed company, explore the solution to smooth stock trait risk in the "policy market" and "speculative market" of the capital market. The empirical study found that higher manufacturing technology innovation performance can reduce the risk of company stock trait, corporate governance mechanism contributed to the negative correlation of the two, have certain effect in stabilizing heterogeneity risk. This article research conclusion will not only help enhance the comprehensive use of manufacturing listed companies to promote the enterprise value about innovation and management in the increasingly competitive capital market, and also help the enterprise itself optimize scale efficiency and market structure gradually from bottom to the top, and finally make a beneficial to continue to promote the development of China’s real economy steady and strategic decisions of capital market prosperity. Therefore, the research content of this paper will strengthen our country manufacturing enterprise technology innovation, improve the listed company governance mechanism, enhance the level of corporate performance, has important practical significance in stabilizing the stock return volatility.