Mixed Ownership,Institutional Environment And R&D Behavior

Since the reform and opening-up,China as an emerging and transitional economy,and constantly deepen the market reform,whether in micro-enterprise performance,or in the macroeconomic efficiency has made remarkable achievements.As the main body of China's public ownership economy,since the 1990 s,state-owned enterprises continue to introduce social capital and foreign capital to participate in the reform of state-owned enterprises.At the new stage,the reform of state-owned enterprises has also entered the period of a "deep water".Through practice and theory,mixed ownership reforms have become the direction and goal of state-owned enterprise reform in government policy choice,so as to further stimulate the vitality of state-owned enterprises.At the same time,the "Eighteenth National Congress of the Communist Party of China" put forward the innovation-driven development strategy,and China's economic development momentum is driven by factors to innovation.R&D innovation is the fundamental foundation of enterprise evergreen.One of the important objectives of the mixed ownership reform of state-owned enterprises is whether to raise the level of enterprise R&D innovation and improve the efficiency of enterprises.In this context,this paper analyzes the impact of the ownership structure and the micro governance characteristics of the mixed ownership enterprises on the R&D innovation behavior.China's state-owned listed companies,through the public offering of shares,in the financing at the same time,to achieve a diversification of property rights,is a typical representative of property and mixed ownership enterprises.This paper takes the manufacturing and information software industry of 2011-2015 as the sample,analyzes the influence of property structure on the R&D innovation behavior through the theory of shareholder heterogeneity,principal-agent theory,resource complementarity theory and equity balance theory.This paper analyzes the influence of the characteristics of non-state property right management on the R&D innovation behavior of enterprises through the concept of wealth transfer and wealth support;analyzes the impact of institutional environment on R&D innovation behavior of mixed ownership enterprises through the new institutional economics theory;Through the above theoretical analysis,this paper puts forward the research hypothesis,carries on the empirical test,explores the influence of the ownership structure structure and the internal governance characteristic of the mixed ownership enterprise in the environment of China's special transition system.In this paper,through the empirical study of Tobit model,it is found that the higher the degree of ownership is more favorable to the R&D innovation behavior of the mixed ownership enterprises.The mixed checks and balances of the ownership system will promote the R&D intensity of the state-owned enterprises,but there will be an "inverted U" relationship between the two.Non-state Property Representatives of Mixed Ownership Enterprises-Directors and Supervisors Suppress R & D Innovation Behavior of Mixed Ownership Enterprises.However,the institutional environment has a profound impact on the relationship between the two,the ownership of the ownership structure of enterprises and internal governance characteristics to improve corporate R&D innovation behavior in the areas whose institutional environment is sound is better.