Equity Structure Of State-owned Listed Companies Affect The Study Of The Capability Of Independent Innovation

In the face of the rapid change of science and technology, in the face of increasinglystrengthening resources and environment constraints, in the face of innovation andtechnological upgrading as the main characteristics of the fierce international competition,China’s capacity for independent innovation is weak problem has increasingly become thebottleneck of the development restriction. Speed up improving independent innovationability, is the\"11th five-year plan\" period to guide the important task of economicdevelopment in China, it is the urgent need to accelerate transformation of the mode ofeconomic growth, is the urgent need to promote upgrading of the industrial structure, is toenhance China’s comprehensive national strength and competitiveness of the urgent needof state-owned listed companies is the dominant force in the national economy, the level ofthe ability of independent innovation in the state-owned listed companies is particularlyimportant in the position. But a lot of literature and data, according to the independentinnovation ability of our country state-owned listed companies is low, innovationinvestment is low, the state-owned shares of ownership concentration is higher, makeenterprise innovation investment behavior is affected, different types of equity structure ofstate-owned shares has the different effect to the enterprise’s capacity for independentinnovation. In this paper, from two aspects of the ownership concentration and ownershipnature of state-owned shares, through the elaboration on the investment behavior of thefunction to illustrate the relationship between the two aspects of state-owned listedcompany equity structure is how to affect the ability of the independent innovation, in thisarticle, according to the equity proportion of state-owned shares of different types ofstate-owned listed company equity structure divided into three categories of five smallclasses, such segmentation approach is what no studied, is also this article’s innovationpoint, such segmentation approach can better compare under different ownership structuretype of independent innovation ability, and determine the most conducive to thedevelopment of state-owned listed company independent innovation ability optimalownership structure type, provide theoretical basis for the reform of state-owned listedcompany’s equity. Empirical part, using the2007-2011state-owned listed companies to disclose therelevant data, using state-owned equity ratio as explained variable, the independentinnovation ability is as explained variable, r&d spending to quantify our capacity forindependent innovation, concluded that: state-owned shares of state-owned listedcompanies equity concentration and the independent innovation ability of the inverted\"U\" shaped relationship, namely, with the loss of the equity proportion of state-ownedshares, the independent innovation capacity showed a trend of falling after rising first, andthrough the comparison, can draw in the state holding listed company, the independentinnovation ability is the best, relatively state-owned holding listed companies’ independentinnovation ability than non-state-controlled listed companies’ independent innovationability is stronger, but this is not enough, according to data collected by cannot compareabsolute state-owned holding listed companies and the independent innovation capabilityof state-owned shares of listed companies.According to the conclusion, this paper put forward the corresponding policyrecommendations, our country should moderately adjusting the ratio of state-owned sharesin the state-owned listed companies equity concentration, and establish the correspondinglegal system and the scientific research reserves system, in order to ensure state-ownedlisted companies in our country the improvement of independent innovation ability.