The Study On The Influence Of Ultimate Shareholders' Control Ability On Technological Innovation Investment

With the change of the economic structure of the world and our own resource constraints,our country enters must change the mode of economic development,the key stage of the adjustment of economic structure to achieve sustainable development.To speed up the transformation of the mode of economic development must rely on scientific and technological progress and innovation.Eighteen put forward the innovation driven strategy,in the creation of national science and technology innovation system the enterprise is nearly 80%,the main innovation in China.2016 corporate R&D expenditure total social spending on research and development,enterprises have become the main innovation investment.Under this background,the profound significance of enterprise technology innovation.Ownership structure is the research of corporate governance "Yuan",the shareholders as the owner of the enterprise,enterprise management innovation decision control,so the research of enterprise innovation,ownership structure must be considered.To explore the equity structure of enterprises from the perspective of ultimate shareholders,is to explore the enterprise ultimate shareholders fundamentally,decision-making mechanism is the highest decision makers,governance problem is helpful for studying the control of the company.That sort out at home and abroad on control ability and the enterprise technology innovation literature,the present study on the ultimate controlling shareholder influence on ability the technological innovation of the enterprise is not sufficient.The ultimate shareholder control ability through investment relations,agreements or other arrangements,the actual ability to govern the behavior of a company.This ability is the source of the ultimate shareholders share ratio.Thus,the ability to control the ultimate shareholders have important significance for corporate governance,explore less ability to control the ultimate shareholders comprehensively.Based on this background,this paper studies the control capability of the ultimate shareholders' investment on technological innovation.Based on the existing research literature,this paper uses the 2007~2015 China motherboard ultimate shareholders of A shares of listed companies to control the degree of data structure,control data of ultimate shareholders,the ultimate shareholder control data,are analyzed from the whole of the ultimate controlling shareholders of Listed Companies in China the status quo and trend of system capacity,and finally the combination of technological innovation input data,statistical analysis and empirical test.Based on the analysis of the present situation and the development trend of the ultimate shareholder control ability of the listed companies in china:The ultimate control of Listed Companies in China equity concentration and increased year by year,second,three ultimate ownership restriction is weak,separation of two rights gradually reduced.The number of government ultimate control of the ultimate controller family most,secondly,the ultimate control of foreign capital and collective number amount were less.The government the separation of the two right was the lowest,the ultimate control of foreign capital the highest family ultimate control center.At present our country ultimate ownership structure appears trend of "flat",namely the control chain number increase,reduce the number of control.The ultimate controller through industrial company and institutions to control the number of listed companies to reduce investment,increase company and direct control of proportion.Enterprises to carry out the process of technological innovation is very complex,apart from scale effect,industry positioning,plays an important role in the ultimate shareholder control ability,as well as the effects of external environmental factors such as regional policy.To study the influence of ultimate shareholders' control ability of the enterprise technological innovation investment by using fixed effect model,the empirical results show that:In the aspect of ultimate shareholder control,the ultimate shareholder's ownership concentration is negatively related to the technological innovation input,and the degree of equity balance and the separation of the two powers are positively related to technological innovation investmentThe ultimate shareholder's control structure,the ultimate shareholder control the number of chains,the less the number of control chain,the shareholders of Listed Companies in Pyramid group more flat,the higher the listed company's technological innovation investmentThe control mode of the ultimate shareholders control mode,the ultimate shareholders of listed companies through the industrial company control has positive effect on technological innovation investment,control mode and the ultimate shareholders of the company through investment of listed companies control investment has a negative impact on technological innovation.All types of ultimate shareholders,the ultimate shareholders has a negative impact on the technological innovation investment,different levels of government in the provincial government,the ultimate shareholders of technology innovation investment is highest,the family ultimate shareholders have positive effects on technological innovation investment.For the listed companies involved in agriculture,control structure,control the ultimate shareholders,control of the impact of technological innovation is consistent with the whole Sample Firms.The difference is for agricultural listed companies,the ultimate shareholder is the government,the technology innovation investment is significantly higher than that of non government ultimate shareholders.So this paper puts forward reduce the ultimate shareholders of profitable state-owned economy industry control level,deepen the reform of mixed ownership reform of state-owned enterprises;fine path design,public welfare industry economic function of prominent state-owned listed companies involved in agriculture;Pyramid flat ultimate shareholder control structure ultimate shareholder control methods are adopted to encourage Industrial Company policies,to increase R&D investment enterprises,improve the corporate governance structure.