Changes Of Property Right Ratio And Innovation Efficiency

The reform of state-owned enterprises has been the focus of attention for a long time,has aroused extensive discussion.A lot of literatures have discussed it in depth.In the past,we have reached a conclusion that state-owned enterprises have low efficiency.Analysis of the reasons there are generally three: corporate governance theory,property rights issues and principal-agent problem.From the endogenous growth theory of Romer(1990),innovation is considered as the most fundamental factor of economic growth.So,whether the change of ownership ratio caused by state-owned enterprise reform has a relevant influence on the innovation capability of enterprises,To be discussed.In this paper,we divide the output into new and old products,decompose the internal structure of total factor productivity(TFP)growth,calculate the total factor productivity(TFP)and the total factor productivity(NPTFP)Its innovation ability,especially the product innovation ability.Using the Gobal Malmquist Productivity Index analysis framework,the TFP of 28 industries and the total factor productivity of new products were calculated by using the data of large and medium-sized industrial enterprises in China from 1999 to 2010.GEF,GTG,GTFP,GNEF,GNTG and GNTFP are used as the explanatory variables.First,the correlation between R & D and the efficiency of new products is explored.Then,the comparison of old and new products,focusing on the reform of state-owned enterprises and new products,the total factor productivity,and the industry grouped into high-tech industry and general industry,whether different industries show different effects.In this paper,we find that the high-tech industry has high static efficiency(NE)and new product static efficiency(NPNE).The average TFP growth rate is 4.11% in the ten-year industry,5.06% in the GNTG of the high-tech industry are 0.12% and 0.31%,respectively,which are far lower than those of the general industry 2.19% and 3.15% respectively.According to Bai-en(2015),enterprises before and after the financial crisis have a greater difference,the financial crisis before and after the year were observed separately and found before 2008 and focus on total factor productivity and new product technical efficiency measurement results were compared,TFP changes in some industries before and after the financial crisis,but NPTFP changes are not so obvious.It is found that the share of state-owned enterprises is not only negatively correlated with production efficiency(GTFP),but also negatively correlated with innovation efficiency(GNTFP),and it is found that the inefficiency of state-owned enterprise R&D is also obvious.For the measurement results of different industry groups,the proportion of state-owned and non-grouped results are basically the same,showing a significant negative correlation,but the performance of FDI and exports are two sides of the performance of the high-tech industry is positive effect on the general industry showing a negative effect.The main results of the study on China's policy are to accelerate the reform of the existing innovation system,accelerate the innovation of private enterprises to support efforts to firmly adhere to the state-owned enterprises to deepen reform,prudent introduction of high-tech level of foreign investment.