Research On The Mediating Effect Of Technological Innovation On Ownership Structure And Corporate Performance

With the rapid development of science and technology as well as the knowledge economy,science and technology and innovation have become the commanding heights that countries must occupy in order to enhance their national comprehensive strength and international competitiveness.Technological innovation is increasingly becoming the driving force which can improve the country's sustained economic growth and the company's long-term competitive advantage.For enterprises,the ownership structure as an institutional arrangement affects the allocation of resources and investment decisions of enterprises.How to arrange a company's technological innovation activities by building a reasonable ownership structure has become a focus topic for scholars.Within the framework of corporate governance,clarifying the relationship among ownership structure,technological innovation,and corporate performance has important theoretical and practical implications for the improvement of independent innovation capabilities and sustainable growth of corporate performance.Comprehensive use of principal-agent theory,stakeholder theory,and technological innovation theory,and introduce the methods of mediating effects,proved the complete chain effect of ownership structure on corporate performance,ownership structure on technological innovation,and technological innovation on ownership structure and corporate performance.Selecting the ownership structure,technological innovation and corporate performance of 284 GEM listed manufacturing companies in China from 2014 to 2016 as the research object.Introducing technological innovation as the intermediary variable,respectively use the largest shareholder's shareholding ratio,ownership concentration and shareholding balance to measure the ownership structure.Using the ROE to measure corporate performance and use R&D input intensity to measure technological innovation.The following conclusions are obtained through empirical research:(1)There is a significant positive correlation between the shareholding ratio of the largest shareholder and technological innovation and enterprise performance;(2)Significant positive correlation between ownership concentration and technological innovation and enterprise performance.(3)On the basis of moderate concentration of ownership structure,the degree of ownership balance has a significant positive correlation with technological innovation and firm performance;(4)Technological innovation partially mediates the influence of ownership structure on firm performance.Finally,based on the research conclusions,it is proposed that China's GEM-listed manufacturing companies should establish a development mechanism for the coordination of ownership structure and technological innovation and make the policy recommendations for dynamic coordination of financing structure and ownership structure.