| In the face of the turbulent international situation,the global economic operation is becoming severe.Under this situation,how to develop high-speed and high-quality development in my country is the biggest problem currently facing.My country pointed out in the "National Innovation Driver Strategy Outline",the core of the country’s development is driven by technological innovation,and the term "national innovation" has also triggered a boom in the entire society.As the main force of technological innovation,enterprises are responsible for the country’s development.In the face of the turbulent international situation,the global economic operation is becoming more and more severe.Under this situation,how to develop high-speed and high-quality development in my country is the biggest problem currently facing.My country pointed out in the "National Innovation Driver Strategy Outline",the core of the country’s development is driven by technological innovation,and the term "national innovation" has also triggered a boom in the entire society.As the main force of technological innovation,enterprises are responsible for the country’s development.The continuous deepening of mixed ownership reform has rejuvenated enterprises.The changes in corporate governance structure after mixed ownership reform will affect the innovation ability of enterprises from the aspects of management and production,and thus indirectly affect the total factor productivity of enterprises.First,this thesis selects the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020,constructs a fixed effect model to test the relationship between technological innovation and corporate TFP,and finds that technological innovation significantly promotes corporate TFP.Furthermore,through the moderating effect model,the relationship between technological innovation and enterprise TFP under mixed ownership reform is discussed,and it is found that mixed ownership will positively regulate the relationship between technological innovation and enterprise TFP,and the change of ownership structure after mixed ownership reform will also moderate the positive relationship between the two relation.Finally,based on the above research,this thesis explores the impact of technological innovation on the total factor productivity of heterogeneous enterprises under the mixed ownership reform from the perspectives of property rights,leverage level,marketization level,and industry.The results show that: in terms of mixed reform effect,the moderating effect of high leverage ratio,high marketization level and non-monopoly industry significantly moderates the promoting effect of technological innovation on TFP.In terms of the degree of mixed reform,the moderating effect of non-state-owned enterprises,low marketization level and monopoly industry significantly moderates the promoting effect of technological innovation on TFP of enterprises.According to the research on the impact of technological innovation on the TFP of heterogeneous enterprises,based on the research results,it is further proposed how to promote technological innovation and enterprise TFP in the two dimensions of enterprises and government in the environment of mixed reform.In this way,listed companies can keep up with the reform of mixed ownership according to their own operating conditions,and then improve the corporate governance structure and improve corporate efficiency. |
