A Study On The Relationship Of Managerial Ownership?Technology Innovation And Company Performance

Innovation ability plays an important role in the process of manufacturing enterprise's development. Enterprises are not possible to survive in an increasingly competitive environment at home and abroad without an innovative thinking and innovative ability. Innovation can improve enterprise's competitiveness, thus improve the level of enterprise performance, which is an important symbol of successful R&D activities. Managers play a crucial role in enterprise innovation, and bear the risk of R&D activities' failure. Therefore, it's important to design the long-term incentive mechanism to make managers pay more attention to the innovation. Managerial ownership as a long-term incentive mechanism has been widely used in foreign countries. In our country, whether managerial ownership can influence enterprise's innovation activities, and affect corporate performance, which is the research emphasis in this paper.This paper firstly introduces relevant theory and the related literature, and proposes the research hypothesis on the basis of theoretical analysis, then selects the 2010-2014 manufacturing listed companies as research samples, at last, this paper sets up multiple regression model by drawing from Baron?Kenny(1986) and Wen's(2005) research on the mediation method. The empirical results show:(1) The ratio of managerial ownership can significantly improve corporate performance;(2) The ratio of managerial ownership is significantly positively related to corporate innovation activities;(3) Enterprise innovation activities can significantly promote the improvement of corporate performance;(4) Technological innovation is in the partial intermediary effect between executive shareholding and corporate performance.