Relationship Between Ownership Structure And Innovation Performance Evidence From Listed Manufacturing Companies In China

Innovation is the leading driving force of economic progress,is the key to survival and development.In 2014,R&D spending totaled Rmbl,301.56bn,up nearly 10%year-on-year,while the R&D expenditure of R&D funds increased by 10%year-on-year.Compared with 2010 doubled.In addition,the total R&D expenditure accounted for more than 70%of the national total funds and increased year by yearin 2010-2014,and reached 77.30%in 2014;We can seen that,corporate R&D costs are increasingly becoming the backbone of the national R&D investment.Public innovation,Peoples entrepreneurship,can not do without the support of R&D investment,and how to optimize the ownership structure of listed companies to improve R&D investment efficiency of listed companies that is an urgent problem to be solved.Therefore,based on the panel data of 214 listed A-listed companies in 2007-2015,this paper analyzes how to optimize the ownership structure and improve the efficiency of R&D investment.In the aspect of theory research,this paper studies the theoretical transmission mechanism of ownership structure's influence on the conversion efficiency of R&D investment from the three aspects of Xiong bite innovation theory,endogenous growth theory and principal-agent theory.In the empirical study,firstly,using group regression method to compare different ownership properties,Then use the hierarchical regression method and threshold model to analyze and optimize the degree of ownership concentration and the degree of ownership balance,and then improve the conversion efficiency of R&D investment.Through research,this paper finds that:First,increasing R&D investment can promote the improvement of corporate performance.Overall,R&D investment for each additional 1 percentage point,you can improve the company's long-term benefits of nearly 11 percentage points,short-term benefits of 0.6 percentage points.Second,private manufacturing R&D investment efficiency is significant ly better than the state-owned enterprises.In addition,only the R&D inves tment of private manufacturing companies can significantly improve the short-term performance of the company,indicating that the private enterprise R&D investment efficiency is 4 timesmore than the state-owned enterprises,foreig n-invested R&D investment is not significant,so the nature of ownership in hibits the transformation of R&D investment efficiency.Third,the ownership concentration ratio has a threshold effect on the conversion efficiency of R&D investment.When the ownership concentration ratio is less than 0.192,the efficiency of R&D investment is higherthe threshold concentration is exceeded,the efficiency of R&D investment is lower.Indicating that excessive concentration of ownership will inhibit the conversion efficiency of R&D investment.Fourth,the equity balance has a threshold effect on the conversion efficiency of R&D investment.When the equity balance is less than 2.130,the influence coefficient is 3.456,and when the equity value exceeds the threshold,the influence coefficient is obviously improved,so improve the equity checks and balances can effectively promote the conversion efficiency of R&D investment.This paper attempts to make the innovation attempt:First,in the ownership structure analysis,change the past general state-owned non-state division of manufacturing A-share listed companies.in accordance with the nature of the controller further divided into state-owned manufacturing,private manufacturing and foreign manufacturing;Second,thinking of the lag of R&D investment,according to past experience,R&D investment will lag one,and taking into account the lag of R&D investment on long-term performance and short-term performance,Tobin Q and sales profit margin Indicators to reflect company performance.Thirdly,on the basis of grouping regression and hierarchical regression method,this paper introduces the threshold regression model to study the influence of ownership structure concentration and degree of balance on R&D input conversion efficiency.However,in the sample selection,the sample of the undisclosed R&D input data is excluded,and there may be some bias in the research,which may have certain influence on the accuracy of the research results.