Shareholding Structure,Technology Innovation And Enterprise Performance In Mixed Ownership Enterprises

It is universally acknowledged that mixed ownership has an important effect on enterprise performance Since ownership structure gets more diversified,its effect on enterprise performance gets more and more attention.Different ownership structures will lead to different shareholder governance mechanisms,which will affect companies' business decisions.Thus different governance effects will be caused.Meanwhile different ownership structures can cause different attitudes to innovation and investment,which afterwards cause different enterprise performances Recently the reform of mixed ownership has come back to the topic of Chines economy's revolution.State-owned-enterprise reform draws researchers' eyes again.This paper selects balanced panel data of 90 state-holding listed enterprises which disclosed R&D and environment information from 2012 to 2015,using the rate of earnings before interest and tax and total sales and whether the company discloses the environment information to assess enterprise performance and R&D intensity to assess the degree of the enterprise's technology innovation,and researches the relations between enterprise performance and R&D intensity,R&D intensity and ownership concentration and ownership control,respectively.We find that:(1)enterprise performance and ownership concentration follows an inverted U-shaped function.Before the rate of the first large shareholder reaches a critical value,R&D intensity rises as the rate of the first large shareholder increases;when it equals the critical value,R&D intensity reaches its top value;then if the rate of the first large shareholder continues rising,R&D intensity decreases.(2)there is a negative correlation between enterprise performance and Z,which means the rate of the first large and the second large shareholders' holding rate.The higher the ownership control,the higher the enterprise performance.(3)enterprises with higher R&D intensity gain higher economic performance.In the end this paper recommended state-owned enterprises to promote equity diversification,emphasize innovation and propel executive holding system.The analysis of the paper enriches the selecting range of the assessment of enterprise performance and provides a unique perspective on the correlation of mixed ownership's equity structure and the enterprise performance.