Research On The Relationship Between The Degree Of Separation Of The Two Powers And Enterprise Technological Innovation

In the era of information,innovation is the base of the enterprise sustainable development and the market,Measures made by the actual controllers of the enterprise will have a fundamental impact on corporate governance.The ultimate controlling shareholders two rights separation phenomena is widespread in the enterprise.The ultimate controlling shareholder obtains higher control rights with lower cash flow rights.The amount of cash flow rights and control the smaller cash flow right to spread the ultimate control of risk,which is away from the control but also for the enterprise to control the production and business operation,the ultimate control of people is motivated and ability to the bottom of the pyramid shift to high-end business enterprise resources.Serious external financing constraints exist in the technological innovation activities of enterprises.Will the ultimate controlling shareholder's ability to channel corporate funds help alleviate the capital constraints of corporate technological innovation and promote corporate technological innovation?In enterprises with high degree of separation of the two rights,it is easier to occupy the interests of medium and small shareholders.Under the assumption of economic man,will the existence of the degree of separation of two rights prevent enterprises from investing cash in technological innovation projects?In this study,a comprehensive theoretical research and empirical research methods are used,a theoretical review was made on the related research achievements at home and abroad,such as separation of ownership and control,enterprise technology innovation,the property right nature,performance deviation,two-right separation degree of enterprise and enterprise technology innovation,which laid a foundation for the research of this paper,On the basis of literature review,the theoretical basis and theoretical model of this paper are constructed for the first time from the internal innovation impetus and the external innovation ability two aspects,and the research hypothesis of this paper is proposed and elaborated.Taking China's a-share manufacturing listed companies from 2010 to 2015 as the research sample,the statistical analysis software STATA12.0 was used for empirical analysis of relevant data,this paper discusses whether the degree of separation of two rights is conducive to the technological innovation of enterprises,and finally analyzes the regulating effect of property right nature and the joint situational effect of property right nature and performance deviation.On the whole,we discovered that the higher separation rate is,the less technology innovation is;The property of the private enterprise enhances the negative correlation between separation degree and technological innovation;The context of historical performance deviation has no significant impact on the property of private enterprise attributing to strengthen the negative relationship between powers separation and the technological innovation;The higher the deviation of industry performance is,the stronger negative effect of the private attribute on the relationship between the rights separation and the technological innovation is.