Research On The Affect Of Manufacturing Listed-company's Ownership Structure On Technological Innovation

It is accepted that the technological innovation is the ultimate motivity of development of economy by government, enterprise and economist. The only way to keep the competitive predominance is the persistent and resultful technological innovation.Establishing the effective technological innovation system is the key for enterprise to make sure the innovation devotion and correctness of innovation decision and that depends on corporate ownership structure. Concretely speaking, ownership concentration and constitution of ownership will affect innovation of company.The study analyzes ownership structure's influence on technological innovation by analyzing the theory of ownership structure and innovation, comparatively reseaching the dominating ownership structure pattern, and then makes the empirical research with data of chinese manufacturing listed-company.The study makes the empirical research with data of chinese manufacturing listed-company. from 2005 to 2007 and the results are as below:The ownership concentration has positive effect on technological innovation, especially the biggest shareholder's shareholding rate.The legal shareholder rate has positive effect on technological innovation and the circulation shareholdr has negative effect. The state-ownered stocks has complicated effects on technological innovation: there are both positive effect and negative effect.The empirical research use company size and cash flow as control variable and the results are that company size has negative effect and cash flow has positive effect.The study considers that temperate ownership concentration is the good choice for the company to promote innovation and brings forward that in china we should establish the securities business with perfect system for protecting investor.