Research On The Influence Of State-owned Equity On Private Enterprise's Innovation Activities

Under the policy background of structural reforms on the supply side,driving innovation through enterprise development has become a hot topic of the moment.This is especially true for private companies driven by innovation.Under the historical background that the cost advantage difference between enterprises is continuously decreasing,Chinese enterprises,especially high-tech enterprises,want to continue to maintain their competitive advantages.They need to make a fuss about technological innovation and increase the product's cost-plus rate.However,the company's innovation activities require continuous investment of resources,and there is a greater risk of failure.The quantity and source of innovation investment is the bottleneck problem faced by private enterprises.Because of the natural background disadvantages,private enterprises are limited in access to innovation resources to some extent,and they will inevitably be affected when making innovation decisions.This is also an important reason for the lack of innovation power in China's private enterprises and the low intensity of innovation input.Financing constraints have a strong constraint on private enterprises' innovation activities.Establishing political links with the government,obtaining property rights protection,and alleviating financing constraints are common ways for private enterprises to cope with the background disadvantages.For example,entrepreneurs can establish politics with the government by participating in political activities,participating in local economic construction,and solving local employment problems.contact.With the marketization of China's national economy and the continuous deepening of the mixed ownership reform,the phenomenon of state-owned equity in private enterprises is becoming more and more common.This state-owned equity essentially determines its institutional advantages associated with the government,and it creates a political relationship between the company and the government in the form of equity.This political connection is similar to and different from the form in which entrepreneurs participate in political activities.There is a strong heterogeneity among enterprises,and there is also a difference between the demand for financing and the preference for investment decisions of enterprises in different development states.The enterprise life cycle can accurately measure the development status of a company.Therefore,it is of great practical significance to study the influence of state-owned equity on R&D investment of private enterprises,and to further judge the dynamic changes of this influence from the perspective of the company growth cycle.This article first elaborates on the theoretical basis of political connections and enterprise innovation,and then reviews the different implications of political connections,their motivations,the economic effects of private enterprises,the impact of private enterprise innovation activities,and the relevant literature on corporate life cycle theory.Combining with the theoretical basis and previous researches,this paper carries out the theoretical analysis of the research content of this paper and puts forward the research hypothesis on the basis of theoretical analysis.In order to test the hypothesis of this study,this article takes the private high-tech listed companies from 2012 to 2016 as the research object,and studies the impact of the introduction of state-owned non-controlling rights on the R&D input of private enterprises.It also considers the different growth cycles of the companies and studies the differences.There are dynamic changes in this influence under the business growth cycle.The research results show that,as a whole,the state-owned equity has a significant role in promoting the R&D investment of private enterprises;from the growth period to the recession,the promotion effect of state-owned equity on the R&D investment of enterprises gradually weakens,and it turns into a restraining effect in the recession period.After that,the robustness test was performed by replacing the variables and adjusting the samples,which proved the robustness of the results.Finally,combined with the previous theoretical analysis,we tried to test the effect of state-owned equity on the R&D input of private enterprises under different growth cycles.The research conclusions of this article will not only help us to develop the understanding of the private enterprises in the field of political association,but also have a certain significance for understanding the political relevance of the state-owned equity.Finally,combined with the research results of this paper,the corresponding countermeasures and suggestions are proposed.