State Ownership And China’s Enterprise Innovation Efficiency

Innovation plays an important role in the development of a country,in the science and technology,different new era,innovation has become the contemporary theme.And technology innovation is the most important of all the innovation,the innovation ability of an enterprise determines how far it can go,only constant innovation,to play a leading role in the competition.Since China’s reform and opening up,China’s private economy got rapid development.Private economy GDP accounted for the proportion of gross domestic product(GDP)increased from less than 1%in 1979 to 1979,a third of the increase of about 33%;This phenomenon causes the attention of many scholars,what on earth are the root of the rapid development of private enterprises?Most studies have found that the efficiency of the corporation is generally high,the innovation efficiency.In recent years,the competition in the domestic and international environment,the efficiency of the state-owned enterprise situation is not optimistic;According to the statistics,the results of state-owned and state holding enterprises above designated size industrial enterprises in the total assets contribution,in September 2015 and October respectively 10.46%.10.34%,while the asset-liability ratio is 61.23%,61.37%;It is obvious that the economic benefits of state-owned enterprises is a cause for concern.In December 2015,state-owned and state holding enterprises above designated size industrial enterprises of the added value of the actual growth rate is only 2.6%over the previous year,and of the private enterprise has reached 7.9%,and 5.3%in part reflects the gap between state-owned and state holding enterprises and private enterprises;The gap between private companies and state-owned enterprises,state the reason for the low efficiency of China’s overall innovation state-owned elements may be inhibition of an important factor in the development of enterprise innovation.In the process of study of Chinese enterprise innovation efficiency,first of all,by comparing different industry innovation efficiency to measure innovation efficiency difference between industry;Second,the influence factors of the efficiency of innovation for quantitative analysis,and seeks to reflect the essential difference between soes and private companies in the analysis of the index key analysis,to improve the efficiency of innovative ideas to the nation.Finally,the reform of state-owned enterprises in the dilute state-owned elements the idea,targeted research.Therefore,this article first from the industry level to measure the efficiency and the factors of influence on quantitative analysis,and then from the enterprise level emphasizes employee stock ownership plan this impact on the efficiency of the enterprise innovation.Existing in the study in the past,most of the enterprise technological innovation efficiency of related research is focused on the industry level,such as new and high technology industries;Study is the focus of the efficiency evaluation,and the influence factors of the industrial technology innovation efficiency qualitative or quantitative research,also from different enterprise nature aspects were studied.This paper focuses on the influence of the proportion of state-owned property right on the innovation efficiency,and the validation for the effects employee-owned this property changes in policy on the influence of innovation efficiency.The specific research work and conclusions are as follows:First,based on 36 industrial sectors in 1999-2013 panel data of large and medium-sized industrial enterprises,built a stochastic frontier model(SFA),and new product output value(NPV)as output variables,(RDI),R&D personnel for R&D funds input(RDP)as input variable to measure 36 industry innovation efficiency of 15 years.Results show that the generally high innovation efficiency of China’s manufacturing industry,its innovation efficiency over time also increase,accelerating innovation efficiency is higher than that of light industry and heavy industry innovation efficiency.Manufacturing technology intensive industry innovation efficiency is the highest,next in capital-intensive industries,labor-intensive industries,and the innovation efficiency of labor intensive and capital intensive industry rapid growth in recent years,but the technology-intensive industry after a period of rapid development steady trend gradually.Second,the quantile regression,the various factors that influence efficiency of industry innovation for quantitative analysis.Are selected in this paper,the six factors,respectively is:the government support G(the proportion of government funds in research and development expenses within budget),research and development activity RDA(proportion of the total number of companies have research and development activities of companies),human capital RDP(research and development personnel quantity/on-the-job employees),enterprise r&d intensity of RDI(r&d)/total assets,market structure,M((industrial output of large and medium-sized industrial enterprises,state-owned large and medium-sized industrial enterprises of the gross value of industrial output)/industrial output of large and medium-sized industrial enterprises),the proportion of state-owned property right X(the proportion of paid-in capital in the national capital),which focuses on analyzing the proportion of state-owned property right the influence factors,the results showed that under different quantile proportion of state-owned property rights has a negative influence on innovation efficiency,the quantile were 0.2,0.5,0.8,the negative influence on the r&d efficiency decreases.Results show that under the condition of the r&d efficiency is generally low,state-owned elements inhibitory effect on r&d efficiency and strength;On the contrary,in the case of r&d efficiency is generally higher,state-owned composition more if inhibition of the efficiency of research and development.Third,by the light of the above model is state-owned will reduce innovation efficiency,improve the efficiency of state-owned enterprise innovation is an important approach to enhance the efficiency of the innovation in our country.At present our country is implementing the reform of state-owned enterprises,of which the employee stock ownership plan is a very important measures.Using tend to score matching method,listed on the Shanghai and shenzhen stock market to implement employee stock ownership plan cross-section data of 238 companies analyze the impact of employee shareholding in innovation efficiency,due to the employee stock ownership plan of listed companies in Shanghai and shenzhen stock market in 2014 began to implement,therefore can only analyze its short-term impact.The results show that the employee shareholding can improve the efficiency of the innovation of the listed companies in the short run.