Foreign Ownership,Technological Innovation And Enterprise Performance

Technological innovation can improve the production technology level of enterprises,bring efficiency improvement and resource optimization to the whole industry,and bring a strategic competitive advantage to a country.Therefore,all countries in the world are increasing their investment in science and technology.At the same time,with the deepening of economic globalization,international investment has become a common phenomenon.On the one hand,foreign businessmen look at the business opportunities contained in the huge market of the host country,but lack the understanding of the local market and culture;on the other hand,the enterprises of the host country are familiar with the domestic market situation,political system and cultural environment,but lack of funds,technology and advanced management experience.? In this context,foreign ownership can make full use of advanced technology and management experience of foreign investors,bring about technology spillover effect,and enable foreign investors to quickly enter the local market with the help of shareholding enterprises,so that the host country has achieved tremendous economic development in the short term.Nevertheless,in the long run,whether foreign ownership and technology spillover effect can make domestic enterprises achieve sustained growth is a question worth discussing.By combing relevant concepts,theories and literature,this paper first makes a theoretical analysis of the relationship among foreign ownership,technological innovation and corporate performance.Foreign investment tends to maximize short-term profits,and tends to transfer outdated non-core technologies.These technologies still have certain comparative advantages for the backward host countries,and can improve the marginal productivity of their enterprises in the short term.However,with the narrowing of the technology gap,the marginal productivity is gradually exhausted,and the technology spillover effect is disappearing.In the long run,this short-term profit-seeking nature of foreign capital will affect the sustained R&D investment of enterprises,which will have a certain impact on the independent innovation ability of enterprises,so it is not conducive to improving the competitiveness of enterprises and enterprise performance.On this basis,this paper makes an empirical analysis of 1347 listed companies' sample data using CCER enterprise financial year database from 2015 to 2017.The results show that:(1)technological innovation is conducive to enhancing the competitiveness of enterprises,thereby enhancing the growth ability of enterprises;(2)foreign ownership has a negative effect on technological innovation in the long run,and will inhibit the innovation ability of enterprises;(3)foreign investment,as a moderating variable,shareholding will inhibit the effect of technological innovation on corporate performance.Based on this,some countermeasures and suggestions are put forward.Firstly,through increasing R&D investment and strengthening independent technological innovation,independent technological innovation will be conducive to improving production performance and enhancing the competitiveness of enterprises.Secondly,the government should encourage enterprises to conduct independent R&D through production subsidies and policy support.Finally,in the process of deepening the reform of mixed ownership of state-owned enterprises,foreign investors should choose the preferred way of technology ownership,and gradually enhance the ability of independent innovation through imitation and innovation in the stage of technology spillover.