| In November 2013,the Third Plenary Session of the 18 th CPC Central Committee focused on the importance and necessity of the mixed-ownership economy,and pointed out that “the state-owned capital,non-public capital and other cross-shareholdings,and the mixed mixed-ownership economy are In recent years,with the rapid development of the economy,the reform of state-owned enterprise mixed ownership has become an important turning point in the reform of state-owned enterprises.The government has gradually attached importance to the participation of private capital and foreign capital in order to improve the productivity and competition of state-owned enterprises.The diversified equity mechanism has begun to be respected and accepted by more and more state-owned enterprises.Among them,the improvement of innovation ability is the key to enhance the competitiveness of enterprises.“Innovation” helps to promote the development of new industries and complete the transformation and upgrading from “Made in China” to “Created in China” as soon as possible.As an important subject of innovation,enterprises need to increase the intensity of R&D investment,improve the efficiency of resource allocation,realize enterprise technological innovation,product innovation and improve production efficiency,contribute to China's economic development,transformation and upgrading,and comprehensively promote China's economic development into the era of creation.Therefore,studying the relationship between corporate ownership structure and enterprise innovation development under the background of mixed ownership can provide more theoretical basis and practical value for the reform of state-owned enterprises.It is in line with the current national policies and policies,and has forward-looking and practical research value.Focusing on the current state of mixed ownership reform of state-owned enterprises and the special period of economic transformation and upgrading,the pilot reform of the mixed reform is gradually advanced.This paper selects the typical cases in the mixed reform pilot enterprises for analysis,and conducts empirical analysis through big data to A-share listed companies.For the sample,from the perspective of ownership structure,empirically analyze the impact of mixed ownership reform on enterprise innovation through the establishment of multiple regression models,and provide answers to “should not mix” and “how to mix”,and provide for the development of deepening mixed ownership.Reality and empirical support,especially for the ownership structure design of mixed ownership enterprises,have certain practical value,and promote the substantive effects of mixed ownership reform.In the case analysis part,the case-analysis is used to sort out the realistic mechanism of mixed ownership affecting enterprise innovation,and try to provide a realistic basis for empirical theoretical analysis and research.The Chinese boulder selected in this paper is a typical “mixed ownership” enterprise.Its shareholders include central enterprises,private enterprises,strategic investors,and the advantages of comprehensive enterprises have formed a strong innovative ability;the multi-balanced equity structure formed by enterprises through mixed reform At the level of corporate governance,a constraint mechanism has been formed to enable enterprises to promote innovation activities based on scientific decision-making.This part analyzes the mixed company background of the case company,the process of ownership structure change,the mechanism of the ownership structure of the mixed ownership system and the innovation results of the enterprise,paving the way for subsequent empirical research.In the empirical research part,this paper first explores the impact of the hybrid subject's in-depth on corporate innovation,and attempts to analyze whether mixed ownership is the most innovative organization compared with other ownership enterprises,based on mixed ownership and innovation input and innovation output data.Form;then,further analyze the mixed ownership sample,study the mixed subject mix,that is,the impact of the mixed degree of the mixed state-owned shares and non-state-owned shares on the enterprise innovation,explore the issue of equity allocation of state-owned shares and non-state-owned shares;The impact of equity concentration on corporate innovation.Through the combination of theory and objective historical data analysis,a comprehensive and systematic study on the ownership structure of mixed ownership reform has an impact on innovation,thus providing a reference for mixed ownership reform.The empirical research results show that the innovation ability of mixed ownership enterprises is better than that of non-mixed ownership enterprises.Mixed ownership is an organizational form conducive to enterprise innovation;within mixed ownership enterprises,the “mixedness” and innovation investment of state-owned shares and non-state-owned shares The innovation output is in an inverted U-shaped relationship;the equity concentration is in inverse U-shaped relationship with innovation input and innovation output.The research results of this paper show that the reform of mixed ownership has improved the problems of low investment and low efficiency of state-owned enterprises to some extent.Moreover,mixed ownership reform can increase the enthusiasm of enterprises for innovation by carrying out scientific equity structure design.This paper believes that China should adhere to the principle and policy of mixed ownership reform of state-owned enterprises,which is of great significance for promoting the prosperity and development of the national economy and realizing an innovative country.The innovation of this paper is to explore the advantages of mixed ownership from the perspective of enterprise innovation and to find the right mix and equity concentration by using innovation input and innovative output level.In addition,in the connotation of the degree of mixing,this article includes both the situation of state-owned shares and the situation dominated by non-state-owned shares,breaking through the previous research from the perspective of actual controllers. |
