State And Private Non-controlling Shareholders In Soes And Private Firms,and Enterprise Innovation

Innovation is a perpetual engine for long-term development.In the context of China's transformation,companies with different ownership structures have different innovation performances due to their own endowments and differences in external policies.Studying the innovation mechanism of enterprises with different ownerships is better for understanding Local practice of "competitive neutrality",that is,truly achieving fair competition among business entities,and then maximizing the innovative vigor of enterprises of all ownerships is of great significance.This article uses A-share listed companies from 2004 to 2014 as a sample,and uses the OLS method to test the impact of state-owned and private shareholders' equity participation on state-owned and private enterprises and their mechanisms.The benchmark regression found that mixed ownership of different ownership systems can help improve the level of corporate investment in innovation,and the effect of the promotion effect is as follows: The governance effect of private equity shareholders' participation in stateowned enterprises,that is,private shareholders' participation in stateowned enterprises and participation in state-owned enterprise governance can help improve state-owned enterprises' compensation.Sensitivity of performance,thereby enhancing their willingness to innovate;politically linked effects of state-owned shareholders' participation in private enterprises,that is,state-owned shareholders' increased investment in innovation by enhancing access to private enterprises' innovative resources.In regions with high marketization indexes,the above effects are more obvious.Relevant results show that in the current transformation context,increasing the degree of marketization will help to better leverage the advantages of mixed participation in innovation;but in the long run,eliminating discrimination in ownership,building a fair competition,policy,and rule of law environment,and enhancing innovation resources The allocation efficiency is the key to releasing innovation dividend to a greater extent.In the mixed reform of state-owned enterprises,the promotion of private capital participation can really effectively improve its innovation level,and it is difficult to achieve the purpose of mixed reform only by the participation in the level of equity participation.