Ownership Structure And Technological Innovation

In the current era of knowledge economy, with the rapid development of economic globalization and information technology, the world is experiencing an unprecedented science and technological reform. It is an opportunity as well as a challenge for Chinese multinational corporations. Chinese enterprises in international competition have been in low-end stage and even the end of the stage in the international division, whose profit margins narrow. Therefore, in order to enhance its market position, we are supposed to rely on technological innovation for mastering the core technology to leading the development of the industry. Although the government and companies continue to increase investment of capitals and resources, but we want to get rid of embarrassment situation caused by inadequate technological innovation capability. We must build a comprehensive system of modern corporate governance mechanisms as the fundamental starting point.In this paper, combining with the characteristics and development status of Chinese multinational corporations, we will take China's A-share listed multinational companies as the research object. On the basis of defining the related concept, collecting and analyzing the existing researches, we sum up the theory basis needed by research. Then, we use the theory to analyze the factors affecting all aspects of the ownership structure and technological innovation, and set up our country multinationals index system of ownership structure and the influence factor of technological innovation. Next, e have carried on the analysis to input data for technology innovation and financial data coming from GTA database (CSMAR) by using excel2007and stata12.0and other measurement software. Finally, according to the result of stability test, we try to carry on normative research for its cause of formation and countermeasures from the perspective of the ownership structure design. And we want to seek much more policies and suggestions to inspire our multinational enterprises to increasing technical innovation.Through the analysis of2009-2013R&D expenditure data from our country multinational companies, from the test results, we have got that the ratio of the largest shareholder and technological innovation as a negative correlation relationship, and the H Index with technological innovation is also negatively correlated. Those indicated absolute control or related concentrate ownership for the large shareholders could cause negative effects on technological innovation, for the level of ownership concentration of multinational companies are still generally high. We also find that between State-owned shares and technological innovation showing a negative correlation and the higher proportion of managerial ownership, investment in technology innovation is much higher. Therefore, the proportion of our country multinational companies holding state-owned should be properly controlled in order to maintain a diversified shares subjects. We can also try to take the achievements of technological innovation as an indicator which act as equity incentives, and evaluate the performance of senior executives.