Research On The Relationship Between Ownership Structure And Technology Innovation Output Of High-tech Listed Companies

Ownership structure is the foundation of corporate governance structure, it determines the whole institutional arrangement, and technology innovation is a important way to establish company’s core competency which determines whether a company can continue to survive in the market. So more and more scholars have paid much attention on Ownership structure ownership structure, but few scholars study the relationship between ownership structure and technological innovation, what’s more, the scholars used different sample or different research ways, the conclusions are different. So this Paper selects 78 high-tech listed company as sample during 2011 to 2013, studies the impact of ownership structure on technology innovation output. Through research, shows the following conclusion:(1)There is a Inverted U shaped relationship between Ownership Concentration and Technology innovation output;(2) There is a significantly positive linear correlation between Equity balance degree and Technology innovation output;(3) There is a significantly positive linear correlation between institutional investors shareholding ratio and Technology innovation output; (3) There is a significantly positive linear correlation between institutional investors shareholding ratio and Technology innovation output;(4) There is a significantly positive linear correlation between management shareholding ratio and Technology innovation output;(5) There is a significantly negative linear correlation between the proportion of circulation stock and Technology innovation output. According to the results, we have the following suggestions:(1)Build the right Ownership structure; (2) Absorb rational institutional investors;(3) Protect the interests of minority stockholders;(4) Take more attention on R&D.