Research On Ownership Structure Affect Innovation Performance Of Mixed Ownership Enterprises

The improvement of the core competitiveness of enterprises depends on technological innovation.For a long time,China’s state-owned enterprises have always had the ills of low innovation ability in the development process.Enterprises with different ownerships have their own shortcomings and advantages in innovation.The development of mixed ownership economy is a breakthrough point for economic growth,which is conducive to building a scientific and modern enterprise system,stimulating state-owned enterprises to create vitality and optimize resource allocation efficiency.This paper selects the panel data of 371 manufacturing listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 as the research object,and studies the relationship between ownership structure,board power allocation and corporate innovation performance.Firstly,this paper analyzes the impact of ownership structure on corporate innovation performance and based on relevant theories,proposes research hypotheses from three dimensions: equity diversity,equity balance and equity concentration.The nature of equity,equity concentration and equity checks and balances will have different effects on the innovation performance of enterprises.Then,the introduction of the regulatory variables-the power allocation of the board of directors,combined with the problems existing in the governance mechanism of the board of directors of state-owned enterprises,respectively study the role of the power allocation of the board of directors on the three main effects,and establish an empirical model based on the research hypothesis.The results show that the richer the nature of equity entities,the higher the equity balance,the lower the concentration of equity,and the better the innovation performance of enterprises.The proportion of directors representing executive-type power in the board of directors is too high,which will weaken the effect of equity diversity on innovation performance,but will increase the restraining effect of equity concentration on innovation performance;the proportion of directors representing economic power in the board of directors can promote equity The positive effects of diversity and equity checks and balances on corporate innovation performance.This paper helps to clarify the mechanism of the ownership structure of mixed ownership enterprises to the innovation performance of enterprises,and the adjustment mechanism of the relationship between the power distribution of the board of directors on the ownership structure and the innovation performance of enterprises,and to further deepen the reform of mixed ownership and improve the company of mixed ownership.Provide a theoretical basis and policy reference for the governance structure to enhance the innovation performance of mixed ownership enterprises.